Wednesday, May 8, 2019

Good News: Down Four Million Bbls -- EIA Weekly Inventory -- May 8, 2019

Updates

May 8, 2019: good news? Or is the data being manipulated? Or not fully explained? Or are analysts / research firms trying to CTA? If you don't like the EIA data, you have any number of analysts from which to choose. Good luck to all.


Original Post 

Link here. EIA data:
  • weekly crude oil inventories: decreased by 4.0 million bbls -- amazing how free-market capitalism works
  • currently crude oil in storage:466.6 million; at the 5-year average -- well, sort of
  • total motor gasoline: decreased a bit; about 2% below the 5-year average (much of this due to California issues)
  • refineries: at 88.9% operating capacity; again, much of this is due to California)
  • look at this: jet fuel product supplied up almost 7% compared with four-week period last year
#OOTT: EIA's crude oil supply adjustment (unaccounted oil) plunged from +685kbpd to -856kbpd last week.

Javier Blas, #OOTT: U.S. imports of Saudi Arabia crude collapsed last week to 311,000 b/d -- lowest in weekly data going back to 2010 (and most likely the lowest since the mid-1980s, based on monthly data).

Venezuela: imports dropped back to zero. Nada. Zilch. Previous week, US imported 186,000 bbls from Venezuela; compare with 311,000 bbls imported from Saudi Arabia last week. 

Re-balancing:
Week
Week Ending
Change
Million Bbls Storage
Week 0
November 21, 2018
4.9
446.9
Week 1
November 28, 2018
3.6
450.5
Week 2
December 6, 2018
-7.3
443.2
Week 3
December 12, 2018
-1.2
442.0
Week 4
December 19, 2018
-0.5
441.5
Week 5
December 28, 2018
0.0
441.4
Week 6
January 4, 2019
0.0
441.4
Week 7
January 9, 2019
-1.7
439.7
Week 8
January 16, 2019
-2.7
437.1
Week 9
January 24, 2019
8.0
445.0
Week 10
January 31, 2019
0.9
445.9
Week 11
February 6, 2019
1.3
337.2
Week 12
February 13, 2019
3.6
450.8
Week 13
February 21, 2019
3.7
343.8
Week 14
February 27, 2019
-8.6
445.9
Week 15
March 6, 2019
7.1
452.9
Week 16
March 13, 2019
-3.9
449.1
Week 17
March 20, 2019
-9.6
439.5
Week 18
March 27, 2019
2.8
442.3
Week 19
April 3, 2019
7.2
449.5
Week 20
April 10, 2019
7.0
456.5
Week 21
April 17, 2019
-1.4
455.2
Week 22
April 24, 2019
5.5
460.1
Week 23
May 1, 2019
9.9
470.6
Week 24
May 8, 2019
-4.0
466.6

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