Closer And Closer To The 10 Million BOPD Threshhold; Weekly Energy Tweets -- August 10, 2016

When you run through the data points below, imagine what the price of oil / price of gasoline would be had it not been for the Bakken. 

From John Kemp:

• Implied US gasoline consumption averaged 9.8 million bopd over last four weeks
• PADD 1 gasoline imports running at one of the fastest rates this year; and, yet, US East Coast gasoline stocks are still almost 20% higher than 2015 with no sign of eroding surplus yet
• US gasoline stocks are still almost 20 million bbls higher than 2015 levels but surplus has shrunk from almost 26 million bbls two weeks ago
• Distillate stocks now "just" +3.4 million bbl (+2.3%) over 2015; +18.8 million bbls (+14%) over 10-yr median
• US distillate stock fell 2.0 million bbls last week; approaching 2015 level; a quite remarkable graph
• US crude oil imports have topped 8.4 million bopd in four of the last eight weeks; before that, imports had not hit this level since June, 2013 
• Crude oil inventories rose 1.1 million bbls last week

From Platts Oil:

• OPEC says it pumped 33.106 million bopd in July, up from 33.059 million bopd in June
• Saudi Arabia: record high of 10.673 million bopd in July; up 123,000 bopd from June
• Kuwait to raise price of September oil by 60 cents/bbl from August

From EIA:

• US ethanol plant capacity increases for third consecutive year

The market: opens flat; oil up slightly.

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Note For The Granddaughters

This may have been your most "intense" summer yet. I believe the "weeks" below are pretty much in the correct order.

• First week: computer coding ("apps") at University of Texas - Dallas.
• Long weekend: scuba certification
• Second two weeks: sailing camp on Lake Grapevine; learned to sail without any instructors on board
• Fourth week: leadership camp for the older, Houston; FC Dallas soccer competition for the younger
• Fifth week: with out-of-town grandparents, visiting
• Sixth week: National Junior Olympics Water Polo, San Jose, CA, for the older; soccer tournament for the younger
• Seventh - eighth weeks: summer camp with multiple activities (see below); note water skiing for Arianna; they both downhill snow ski; note diving for Olivia -- she wants to get as good as her sister; also, she loves the diving board at their pool.