WTI trapped as US Crude Oil production hits all-time high

Crude Oil saw a minor relief bid on Thursday before getting pushed back down. WTI ticked into $77.00 before slipping back to $75.00. US hits all-time highs on Crude Oil production.

WTI Crude Oil continues to get pushed into recent lows as barrel bids struggle to find the floor on bearish price pressures. WTI climbed Thursday, recovering the $77.00 handle before getting pushed back down towards $75.00 in the back half of the trading day.

the overarching market narrative of chronic undersupply that has been shooting through energy markets are running up against a hard barrier as reality sets into Crude Oil markets; despite strategic, long-running cuts from oil-producing nations, expectations of global undersupply are failing to materialize.

A lack of a surge in crude oil demand is certainly helping things as China’s economy recovery continues to falter and oil demand remains much more tepid than most investors expected, but the US also hit an important milestone this week.

US Crude Oil production hit an all-time high in reporting figures, with the US pumping over 404 million barrels of oil through August according to data from the Energy Information Administration (EIA). This broke the US’ previous barrel production record of 402 million barrels produced in December of 2019.