•  Latest forecasts from the US government’s Energy Information Administration (EIA) have the country’s crude output growing by 1.44mn b/d to average of 10.79mn b/d for 2018. Both figures are records, and both mark 70,000 b/d upward revisions from the EIA’s month-ago forecasts (see table).

•  NGLs output is also slated to grow by almost 600,000 b/d to 4.33mn b/d for 2018, taking total 2018 oil output to a whopping 15.12mn b/d. This smashes 2017’s...