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US liquids production hit a record of 20.83M bpd in April, up roughly 50K barrels from March, per latest EIA Petroleum Supply Monthly report.

US oil and gas production reached record highs in April, says EIA

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Total U.S. liquids production eked out a record-high of 20.83 million barrels a day (bpd) in April, up roughly 50,000 barrels from the previous month, according to the U.S. Energy Information Administration’s latest Petroleum Supply Monthly report released on Monday.

The number, which includes crude oil and natural gas liquids, came in roughly 340,000 barrels higher than a previous estimate for the month of April.

U.S. diesel demand, a closely watched measure of the country’s economic health, was higher in April than early weekly estimates, the EIA also noted in its monthly report.

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Source: World Oil

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Speculators and algorithmic traders are betting on higher oil prices due to expected policy changes under Trump and shifts in EV and oil demand.

Trump’s presidency sparks renewed optimism in oil markets

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Last year’s oil market was dominated by algorithmic trading, amplifying every headline about market oversupply and Chinese demand into price swings that kept crude trapped in a narrow, disappointing range—well below OPEC+’s lofty production-cut goals. This year may not see much of a change in oil’s price amplitude, but the peaks and troughs could grow sharper, setting the stage for some dramatic action.

In the second and third week of December last year, speculators in the United States significantly increased their bets on higher oil prices, Bloomberg reported this week. In fact, in the second to last week of the year, long bets on crude reached the highest in four months, the report said, for a total of close to 183,000 lots. That followed an even more significant increase in bullish positioning in the previous week, when the number of lots hit the highest in a year.

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Source: Oil Price

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