Tuesday, October 24, 2017

API Reports Bullish -- But At The Blog, We Follow EIA Data -- October 24, 2017

This is what was reported October 24, 2017:
We will get the EIA data tomorrow, but tonight the API is reporting:
  • a small build in US crude oil inventories (519,000 bbls)
  • but, S&P Platts is forecasting a 425,000-bbl drawdown
Either way, less than a million-bbls one way or the other is inconsequential.

Meanwhile, API reports a huge drawdown of gasoline:
  • a drawdown of 5.753 million bbls
  • forecast: a much smaller draw of 2.3 million bbls
WTI/Brent prices up initially on talks of global conflict, but "then reality set in, as robust supply capacity from OPEC and US shale loomed large in skittish investor minds."
Let's See What The EIA Reported

  • crude oil increased by 0.9 million bbls -- so much for re-balancing efforts; now at 457.3 million bbls
  • refinery utilization: still only 88% but increasing
  • gasoline production decreased last week, averaging 9.9 million b/d
  • crude oil imports increased slightly
  • total products supplied over the last four-week period averaged over 19.6 million b/d, down by 3.6% from same period last year (OPEC is counting on demand bailing them out -- not seeing that yet)
  • we will see the graph for gasoline demand tomorrow
  • after the report, WTI was down minimally, down about 0.5% in price

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