Re-Balancing: US crude oil inventories down one million bbls. At this rate, only 150 more days to get us to "normal" -- 250 million bbls in US storage. The link will take you to a pdf.In other words, no real change, and still remarkable how much oil the US still imports.
US refining as gasoline prices start increase significantly: US refiners are at 93% operable capacity; they increased throughput by about 240,000 bbls/day, but evenso, gasoline production decreased last week, averaging 9.8 million bbls/day. Imports of crude oil decreased by a miserable 68,000 bopd (trivial), averaging over 7.8 million bopd. Over the past four weeks, US crude oil imports have actually increased 2% over the same same four-week period one year ago.
Saudi Arabia says it "needs" $60-oil (average) for the entire year, 2017. This is where we stand to get to that $60-average. The first three months are completed; April - December are estimates of numbers that would be needed to get us to $60 oil. We have to have steady trend to $70 by end of year, and have to hit $70 by November. The numbers are simply my ballpark estimates of the average price of WTI in any given month. Brent is currently trending a bit higher than WTI. Saudi has its own pricing.
Scenario One
|
|
January
|
50
|
February
|
50
|
March
|
52
|
April
|
54
|
May
|
55
|
June
|
60
|
July
|
60
|
August
|
65
|
September
|
65
|
October
|
65
|
November
|
70
|
December
|
70
|
2017 Average
|
60
|
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Flashback
Vern Whitten sent link to his 1997 photos of the massive Red River flood. Link here. In the notes that accompanied his e-mail:
Vern Whitten PhotographyPhoto notes: 20 years ago we used a medium format film camera to take thesephotos. It was 10 shots then reload in the airplane. We then made contact sheetsin the darkroom, and scanned each negative before printing. Now, we have a digitalcamera that can over 400 high resolution photos before putting in a new chip.
Be sure to send Mr Whitten a big "thank you" for posting his photos/his links. He would love to hear from you.
www.vernwhittenphotography.com
(701) 261-7658
It's impossible for me to "fathom" this degree of flooding. All the photos are amazing, but the first two literally take one's breath away. And it's not like this water receded in a day or two; this went on for weeks.
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