Wednesday Energy Tweets -- August 17, 2016

John Kemp:

• commercial crude oil stocks still well above 2015 levels; no sign of inventory drawdown
• distillate fuel oil stocks rise; well above 10-year median, but narrowing to 2015 levels
• crude oil imports decelerated but still very high
• US refinery throughput rose; reversing previous week's decline; in line iwht 2015; well above 10-year average
• gasoline supplied about the same as previous week; at 9.77 million bopd
• US midwest gasoline stocks fell significantly; now just 1.6% above 10-year average
• US gasoline stocks falling faster than normal; approaching 10-year average

Oil & Gas Journal:

• commercial crude oil inventories down 2.5 million bbls in week ended August 12

Close but no cigar: it looks like we won't quite hit the 10 million bopd four-week average this summer; we came close; in the report released today, the number was 9.770 million bopd compared with 9.776 the previous week, and historically, from here on out, until early next spring, the number will continue to fall.

On the other hand, as a reader reminded me some time ago, we have hit the 10 million bopd threshold for "weekly US refiner and blender adjusted net production of finished motor gasoline" on several occasions. The link is here: http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WGFRPUS2&f=W. At the link, one will see we hit 10 million bopd:

• May, June, July, and August, 2015 (not the entire months; but some weeks)
• 2016, February, third week
• 2016, March, second week
• 2016, May, first week
• 2016, June, first and third week
• 2016, July, the first four weeks of the "five-week" month
• 2016, August, the first two weeks, so far