John Kemp's Weekly Energy Tweets
It was not worth the time to post the graphs; they look very similar to the graphs from last week.
As staggering as the graph was last week, it's even more staggering this week: US refineries processed a seasonal record of 16.2 million bopd, up almost 1.3 million bopd from a year ago.
US distillate consumption (mostly diesel, I assume) is at 10-year record lows. Diesel consumption corresponds directly with economic activity in the United States. Combine this with the gasoline demand story and it's not a pretty picture.
Although distillate stocks had a big draw last week, distillate stocks (mostly diesel, I assume) are at a 10-year high.
As staggering as the graph was last week, it's even more staggering this week: US gasoline stockpiles continue to increase dramatically, well above a 10-year high. Gasoline consumption is below the 10-year median despite the fact that gasoline is as cheap as it's ever been. The amount of gasoline stored in this country will last more than a day longer than at this time a year ago.
The US commercial crude stocks graph is so staggering it begs description. The range for the US at this time of the year, for the previous ten years: 290- to 375 million bbls. Right now, US commercial crude stocks are at a staggering 480 million bbls. In a 30-second soundbite, one could almost say doubled.
US natural gas stocks remain well above the 10-year maximum. I doubt the "historic storm" predicted for this weekend will change this graph very much next week.
Peak oil, anyone?