(Bloomberg) -- Physical crude oil flows in pipelines across the US are flat compared with last year, underscoring estimates that oil production will grow little in 2024, according to research firm Wood Mackenzie Ltd. 

“Pipeline volumes are relatively flat right now, which reinforces our view that production growth will slow down this year,” analyst Nathan Nemeth said in a phone interview. 

Wood Mackenzie estimates daily US production in the lower 48 states will expand by 270,000 barrels and reach 10.9 million barrels. Output is expected to grow slower compared with last year, when drillers added a whopping 900,000 barrels a day and surprised the market. 

Wood Mackenzie measures how much oil is transiting through pipelines in real time. The service, previously known as Genscape, uses a proprietary gadget that measures the use of power at pump stations, allowing the company to estimate how much oil is flowing inside the steel vessels. Its high-tech surveillance is used by oil traders, banks and hedge funds to place bets in the futures markets. 

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