Weekly EIA Petroleum Report -- Re-Balancing Won't Happen In My Lifetime At This Rate -- March 6, 2019

Link here. 

• US crude oil inventories surged: increased by 7.1 million bbls from the previous week
• US crude oil inventories surged: at 452.9 million bbls, US crude oil inventories now 4% above the 5-year average, and the 5-year rolling average continues to increase
• refineries: at 87.5% capacity; better than previous few weeks, but still well below what they could be doing
• US oil imports up by 1,084 million bbls/day -- probably the continued need by refineries for "heavy" oil
• over the past four weeks:
• gasoline product supplied: 8.9 million bbls/day (magic number: 10 million bbls/day)
• distillate fuel product supplied: 4.1 million bbls/day (magic number: 5 million bbls/day)

Re-balancing. In the past 15 weeks, the "number" has actually gotten worse. Last week, the average increase was 0.3 million bbls. This week, the average increase has jumped to 0.7 million bbls. So, not only is the inventory dropping, but the rate of increase has actually increased:

Week	Date	Change w-o-w	In Storage	Weeks to RB to 350 Million Bbls
Week 0	November 21, 2018	4.9	446.9	N/A
Week 1	November 28, 2018	3.6	450.5	N/A
Week 2	December 6, 2018	-7.3	443.2	N/A
Week 3	December 12, 2018	-1.2	442.0	Never at this rate
Week 4	December 19, 2018	-0.5	441.5	Never at this rate
Week 5	December 28, 2018	0.0	441.4	Never at this rate
Week 6	January 4, 2019	0.0	441.4	Never at this rate
Week 7	January 9, 2019	-1.7	439.7	A long, long time
Week 8	January 16, 2019	-2.7	437.1	Won’t happen in my lifetime
Week 9	January 24, 2019	8.0	445.0	Won’t happen i my lifetime
Week 10	January 31, 2019	0.9	445.9	Won’t happen in my lifetime
Week 11	February 6, 2019	1.3	447.2	Won’t happen in my lifetime
Week 12	February 13, 2019	3.6	450.8	Won’t happen in my lifetime
Week 13	February 21, 2019	3.7	454.8	Won’t happen in my lifetime
Week 14	February 27, 2019	-8.6	445.9	Won’t happen in my lifetime
Week 15	March 6, 2019	7.1	452.9	Won’t happen in my lifetime
		0.7