Here are the answers to your questions on EIA.
EIA stands for U. S. Energy Information Administration. EIA collects, analyzes, and distributes energy information on a wide range of topics. EIA is completely independent within the U. S. Department of Energy.
We often reference EIA weekly report on oil inventories that is released on Wednesday 10:30 am ET. This is considered the most authoritative data among several sources. In addition to the weekly oil report, EIA issues many other reports. The report referenced this morning is short-term energy outlook report. Here are the highlights of this report.
- Consistent global oil inventory draws to begin in mid-2017
- U.S. crude oil production to decline from 9.2 mln b/d in the first quarter of 2016 to an average of 8.2 mln b/d in the third quarter of 2017
- Production is expected to fall most rapidly from April to September 2016, falling by an average of 150,000 b/d each month
- Increases in production in late 2017 reflect productivity improvements, lower breakeven costs, and forecast oil price increases in 2017
- Production forecast is average 8.7 mln b/d in 2016 and 8.3 mln b/d in 2017
- Natural gas inventories in March ended at 2,496 Bcf, the highest end-of-withdrawal-season level on record
- Natural gas inventories were at 3,288 Bcf, as of July 29.
- Record high inventories of 4,042 Bcf at the end of October 2016.
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