US crude production returns to normal after winter storm's massive impact

U.S. crude oil production recovered on Thursday, after a winter storm ravaged the production. Losses peaked over the weekend at 2'million barrels of crude oil per day. Analysts revised their output forecasts for the month of January as a result.

Justin Kringstad of the North Dakota Pipeline Authority stated?on Thursday that nearly all of North Dakota’s production is back online. North Dakota, according to the latest data from the Industrial Commission, is the third largest oil producing state in the United States.

JPMorgan analysts wrote in a Thursday note that the average U.S. crude oil and condensate output is expected to drop by 340,000 barrels per day (bpd) this month. The risks are skewed toward a larger decline if the recovery proves to be slower than expected.

According to the Energy Information Administration, earlier this month, it was predicted that U.S. crude production, excluding condensate and other products, would total 13,76 million?bpd by January.

Matt Smith, Kpler's lead oil analyst, stated that U.S. crude imports have risen after there were no loadings on Sunday.

Smith stated that the average crude exports over the past three days was 3.2 million barrels per day (bpd). This is expected to slow down on a weekly level, possibly at 3 million instead of the usual 4 million, Smith added. (Reporting and editing by Liz Hampton, Nia Williams and Georgina McCartney from Houston)

(source: Reuters)