Wednesday, September 27, 2017

The Energy And Market Page, T+250 -- September 27, 2017

WTI: slightly above $52 at open. Closed at $52.03. Whoo-hoo.

Market: in early trading, the Dow is barely in the green, but by 11:00 a.m. already had 120 new highs on the NYSE, including: Navistar International; Union Pacific;
  • new lows: 11
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WTI: On Sale!




John Kemp: the differential between WTI and Brent will drain the US WTI crude oil inventories.


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Weekly Petroleum Report

The weekly petroleum report, highlights:
  • US commercial crude oil inventories: decreased by 1.8 million bbs; now at 471.0 million bbls
    • upper half of the average range for this time of year
  • total motor gasoline inventories increased 1.1 million bbls; in the upper half of the average range
  • distillate fuel product supplies was up by almost 14% -- again, incredible numbers for many consecutive weeks
  • refineries operated at 89% of capacity; improved but still way below where they should be
Re-balancing: remains unchanged. At current rate of change in US crude oil inventories, it will take 46 weeks to get back to historical levers.

The EIA will post the graphic tomorrow with the number of days of gasoline supply at current rate of usage.

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
50
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
Week 18
August 30, 2017
5.4
457.8
27
Week 19
September 7, 2017
-4.6
462.4
32
Week 20
September 13, 2017
-5.9
468.2
39
Week 21
September 20, 2017
-4.6
472.8
46
Week 22
September 27, 2017
1.8
471.0
46

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LEGO

The Lego NASA Apollo Saturn V remains "temporarily out of stock." This is the longest period of time I have ever seen a Lego product "temporarily out of stock."

We've talked about this before.

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