- US crude oil in storage increased by a whopping 7.5 million bbls; WTI up 3.3%; up $1.63, trading at $51.57;
- US crude oil in storage: at 442.5 million bbls in storage, US crude oil inventories are about 2% below the average for this time of year;
- refineries operating at an incredibly low 88% operable capacity
- imports were up by 363,000 bopd from the previous week, which on a percentage basis, is not trivial; about 6.8% less than the same four-week period last year;
- jet fuel supplied was up 0.7% compared with the same four-week period last year, suggesting China coronavirus moderating
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 49
|
October 30, 2019
|
5.7
|
438.9
|
Week 50
|
November 6, 2019
|
7.9
|
446.8
|
Week 51
|
November 14, 2019
|
2.2
|
449.0
|
Week 52
|
November 20, 2019
|
1.4
|
450.4
|
Week 53
|
November 27, 2019
|
1.6
|
452.0
|
Week 54
|
December 4, 2019
|
-4.9
|
447.1
|
Week 55
|
December 11, 2019
|
0.8
|
447.9
|
Week 56
|
December 18, 2019
|
-1.1
|
446.8
|
Week 57
|
December 27, 2019
|
-5.5
|
441.4
|
Week 58
|
January 3, 2020
|
-11.5
|
429.9
|
Week 59
|
January 8, 2020
|
1.2
|
431.1
|
Week 60
|
January 15, 2020
|
-2.5
|
428.5
|
Week 61
|
January 23, 2020
|
-0.4
|
428.1
|
Week 62
|
January 29, 2020
|
3.5
|
431.7
|
Week 63
|
February 5, 2020
|
3.4
|
435.0
|
Week 64
|
February 12, 2020
|
75.0
|
442.5
|
***********************************
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