US oil, gas output up in Q3, producers wary of price outlook, Dallas Fed says
USO•Oil and gas output in Texas, Louisiana and New Mexico rose in the third quarter, while producers expressed uncertainty about whether high oil prices would last. US crude futures averaged about $86 a barrel, ranging from $67 to $107, and weekly US crude output reached a record 13.955 million barrels per day.
1. Output and price uncertainty
Oil and gas output in Texas, Louisiana and New Mexico rose in the third quarter, according to a Dallas Fed survey. Producers said they were uncertain whether prices would remain high enough to justify additional production, and the survey’s uncertainty index among exploration and production companies rose. US crude futures averaged around $86 a barrel in the quarter, swinging from $67 in early July to $107 in mid-September; weekly crude output reached a record 13.955 million barrels per day in the week to September 25.
2. Refiners capture wide margins
US refiners benefited from historically wide cracking margins as fuel supplies tightened. Refinery utilization averaged 96.3% in the third quarter, compared with 94.7% in the same period of 2025 and 91.9% in 2024. The survey collected responses from 125 energy firms between September 16 and 24.
