Colombian Crude Oil Imports Into The US Surge Almost One-Half Million BOPD To Over 600,000 BOPD -- And That's Just The Beginning Folks -- An Incredible Report -- A "Saturday Night Live" Sketch? -- February 8, 2017

At 7:00 a.m. this morning, the "talking head" casually mentioned a "14-million-bbl-crude-oil" build this past week. I about fell off my chair. Fourteen-million-bbl-crude-oil" build. Nothing else was said, which suggests to me the producer at Fox Business News "Mornings With Maria" has any clue -- or maybe I heard it on CNBC "Squawk Box." Probably the latter. Whatever.

The data below -- in a long note like this, there are bound to be typographical and factual errors. If this is important to you, go to the source. I'll proofread it later. Maybe.

From Platts / EIA:

• US crude oil inventories soared last week
• inventories at fourth-highest level on record
• gasoline stocks saw a surprise drawdown (we'll see the graphs and data tomorrow)
• as reported earlier, US crude oil inventories jumped almost 14 million bbsl to over 500 million bbls last week
• analysts forecast a build of only 2.5 million bbls

Okay, in case you missed that:

• analysts forecast a build of only 2.5 million bbls
• actual build: almost 14 million bbls
• how can analysts be off that much
• can hardly wait for the monthly NDIC Director's Cut due out next week
• inventories are now just 3.5 million bbls below the all-time high of 512 million bbls (April 2016)
• the biggest driver behind last week's build: IMPORTS

Okay, in case you missed that:

• the US is near the all-time record high of crude oil inventories, BECAUSE OF ...
• IMPORTS

Is this a "Saturday Night Live" sketch?

In all the years I've been doing this, I don't recall a build of 14 million bbls -- due to imports when the US has its own glut. 

OPEC says they are cutting back, we all buy into that, and so far, imports this year have averaged 8.6 million bopd, compared with 8 million bopd before the cut (for the most part)

One analyst, on hearing this, used the word, "ironic."

And where are those imports of crude oil coming from? Take a seat:

• Saudi Arabia -- home of Al Qaeda, 9/11 terrorist
• Venezuela -- "Death to America"
• Iraq -- okay, maybe a friend, who knows?

Those three countries accounted for US imports of 677,000 bopd.

Colombian imports surged 448,000 bopd to 637,000 bopd (that almost looks like a typo, doesn't it). The Colombian graph is here. And yes, most recently, around 350,000 bopd -- and now last week, up to 637,000 bopd.

Much more at the link.  

Can hardly wait to see the weekly graphs and data that should be released today.