U.S. OIL DOWN 120,000
EIA estimates that total U.S. crude oil production declined by 120,000 barrels per day (b/d) in September compared with August. Crude oil production is forecast to decrease through mid-2016 before growth resumes late in 2016. Projected U.S. crude oil production averages 9.2 million b/d in 2015 and 8.9 million b/d in 2016.
Natural gas working inventories were 3,538 billion cubic feet (Bcf) on September 25. This level was 15% higher than a year ago and 4% higher than the previous five-year average (2010-14) for this week. EIA projects inventories will close the injection season at the end of October at 3,956 Bcf, which would be the highest end-of-October level on record.
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