Investment bank Raymond James published a note to investors today examining assertions that US oil production growth may be slowing in light of Energy Information Administration data over the last three weeks showing that supply has risen by 284,000 barrels per day since early July – almost 95,000 bbl/d per week.

“Many in the investment community have been lulled into believing that US supply growth is slowing. Not so fast my friends! As illustrated by the past three weeks, this spring slowdown appears to be only a headfake,” said Raymond James analysts.