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Latest EIA Monthly Numbers - Better Than Expected.

Just before the EIA monthly numbers were released today, I printed the current (now previous report.

So the current report shows production of 9.179 million barrels a day for January, and 9235 for december. At first look, that's 56k b/d. Not bad, likely 600k a year run rate.

However, there was an adjustment to the december number in this report ... ok .. that's normal; brush that off right?

But if you look at the previous report, december was 9.262 million. So just yesterday, we thought the most recent U.S production data we had showed 9.262 million, January's number is 83k b/d lower than that number.

So let me restate, the latest number we got today, shows U.S production is 83k b/d lower than the latest number we had yesterday. That's almost a million barrels a year, and it's likely to accelerate.