The Market And Energy Page, T+88 -- April 19, 2017

Re-balancing: Saudi oil exports drop to 2015 low; sticks to cuts -- Bloomberg. I'll wait to see the EIA data. Data points in this article:

• Saudi's oil exports feel to slight less than 7 million bopd in February, 2017, the lowest since May, 2015
• compare to 7.7 million bopd in January
• boosted production to 10 million bopd from 9.7 million bopd
• refinery processing increasd b 26%
• crude used directly to fuel power plants increased
• storage increased
• stockpiles increased to 265 million bbls (compare to US' 555 million bbls)
• Saudi Aramco's 120,000 bopd refinery has shut down for 80-day maintenance
• storage increases reflect that shutdown
• other refineries will make up the slack for the shutdown which will last through mid-May
• country plans to double refining capacity over the next ten years

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.

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. 

Morgan Stanley: quarter profit surges on trading gains. With regard to trading gains/losses, it appears Goldman Sachs was the "odd man out" this past quarter.

IBM, continued: stock tumbles as year-over-year revenue declines for 20th consecutive quarter -- CNBC. Earnings ($2.38) beat forecast ($2.35). Warren Buffett will take huge beating.

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Wind And Solar

Oklahoma: to end tax credit that propelled wind production. 

Indiana: legislature approves bill curtailing solar panel incentives.