Record Output Sustained

U.S. crude supply most likely edges above the prior all-time high as Permian productivity, consolidation by Exxon Mobil and Diamondback Energy, and new gas takeaway plans support well completions. The immediate market read-through is a modestly bearish signal for crude prices but constructive for low-cost U.S. producers with inventory depth.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.