Again, for newbies: I define re-balancing as having 350 million bbls of US crude oil in storage (does not include the SPR), or about 22 days of storage.
Week
|
Date
|
Drawdown
|
Storage
|
Weeks to RB
|
Week 0
|
Apr 26, 2017
|
529.0
|
180
|
|
Week 1
|
May 3, 2017
|
0.9
|
528.0
|
198
|
Week 2
|
May 10, 2017
|
6
|
522.0
|
50
|
Week 3
|
May 17, 2017
|
1.8
|
520.2
|
59
|
Week 4
|
May 24, 2017
|
4.4
|
515.8
|
51
|
Week 5
|
May 31, 2017
|
6.4
|
509.9
|
41
|
Week 6
|
June 7, 2017
|
-3.3
|
513.2
|
60
|
Week 7
|
June 14, 2017
|
1.7
|
511.5
|
57
|
Week 8
|
June 21, 2017
|
2.5
|
509.0
|
62
|
Week 9
|
June 28, 2017
|
-0.2
|
509.2
|
71
|
Week 10
|
July 6, 2017
|
6.3
|
502.9
|
58
|
Week 11
|
July 12, 2017
|
7.6
|
495.3
|
47
|
Week 12
|
July 19, 2017
|
4.7
|
490.6
|
43
|
Week 13
|
July 26, 2017
|
7.2
|
483.4
|
38
|
Week 14
|
August 2, 2017
|
1.5
|
481.9
|
34
|
Week 15
|
August 9, 2017
|
6.5
|
475.4
|
35
|
Week 16
|
August 16, 2017
|
8.9
|
466.5
|
30
|
Week 17
|
August 23, 2017
|
3.3
|
463.2
|
29
|
After the report was released, WTI went back above $48, but just barely.
*******************************
Gasoline Demand
EIA will post the graph later today, or tomorrow, but based on the weekly report, it appears "we" did not set a new record for "gasoline demand." The record was set last year, but we are coming close.
From the report:
Total products supplied over the last four-week period averaged over 21.0 million barrels per day, up by 1.4% from the same period last year.
Gasoline demand: Over the last four weeks, motor gasoline product supplied averaged 9.7 million barrels per day, down by 0.4% from the same period last year.
That was the four-week average: 9.7 million b/d of gasoline deliveries.Distillate fuel product supplied averaged over 4.2 million barrels per day over the last four weeks, up by 14.4% from the same period last year. Jet fuel product supplied is up 1.3% compared to the same four-week period last year.
Unless I missed it, the report does not provide gasoline deliveries for the past week. It's very possible, with the four-week average down by only 0.4% from last year, the weekly gasoline demand will exceed that for the same week one year ago.
The best indication for weekly gasoline demand might be these data points:
- gasoline production increased last week, averaging about 10.6 million barrels per day
- total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 555,000 barrels per day
- total motor gasoline inventories decreased by 1.2 million barrels last week, but are near the upper limit of the average range. Finished gasoline inventories increased while blending components inventories decreased last week
**********************************
Odds And Ends
Odds And Ends
- WSJ article -- so pretty sure it's not fake news
- LG Electronics, Seoul, South Korea
- $25 million factory for EV car parts
- Detroit suburb of Hazel Park, MI
- will produce battery packs for EVs
- will expand into other key components later
- the company began supplying parts to GM's Chevrolet Bolt EV last year -- those parts produced mostly in its South Korea plant
Expensive: by the way, the Sempra deal appears to be more expensive than the headline would suggest: $9.3 billion for the buyout does not include $9 billion in debt that the company has. Of course, I assume, both Sempra and Warren could re-finance that debt at very low interest rates.
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