(Reuters) – The U.S. Energy Information Administration (EIA), Monday said that December saw an increase in oil demand to the highest point since the outbreak of the coronavirus pandemic. Product supplies were close to 21 million barrels per hour (bpd).

December’s overall fuel demand increased 10% year-on-year at 20.8million bpd. This was the highest rate since August 2019. Since it mostly includes fuels made from oil, product supplied can be used as a proxy to consumer demand.

A rapid rise in U.S. oil consumption, while production remains low to recover to its previous record levels has forced energy providers to take huge quantities of crude from storage. It helped fuel oil futures to their highest level since 2014. [O/R]

According to the EIA’s Petroleum Supply Monthly Report, Crude oil production decreased by around 206,000 bpd to 11,57 million bpd during December. It is just 9% lower than 12.83 million barrels per day produced prior to the pandemic of February 2020.

According to the EIA’s Weekly Petroleum Status Report, crude stockpiles at Cushing Storage Hub in Oklahoma (the delivery point for NYMEX’s oil futures contract) have fallen to their lowest level since September 2018.

In December, crude oil exports from the United States climbed to 3.45 Million bpd.

In its monthly 914 production reports, the EIA reported that the U.S. Lower 48 States’ monthly gross production rose by 0.01 billion cubic feet per daily (bcfd), reaching a new record of 108.3 million bcfd for December.

It was the second consecutive record-breaking month for Lower 48 gross gasoline output. An earlier record-setting November high of 108.2 Bcfd was achieved in November.

The top states producing gas saw their monthly output rise 0.6% to 30.3 bcfd in Texas and 1.1% to 22.0 bcfd in Pennsylvania, both records.