NOT GOOD: API Shows US Crude Oil Inventories Grew By Almost 4 Million Bbls; More Than Forecast -- The Energy Page, T+23 -- February 13, 2018

Oil: today, API's crude oil inventory data: pending (4:30 p.m. ET, Tuesdays)

• previous: a drawdown of 1.05 million bbls
• forecast: a gain of 2.8 million bbls
• actual: a gain of 3.947 million bbls
• "not good" for oil bulls; great for consumers;

Oil: tomorrow: AEI crude oil inventory data:

• US crude oil inventories: up another 1.8 million bbls (this is the third consecutive week that inventories have increases
• now at 422.1 million bbls -- supposedly in the lower half of the average range for this time of year; I've always considered 350 million bbls about the average

Natural gas: Thursday, February 15: AEI natural gas storage report:

• previous: -119 bcf
• forecast: -179 bcf (private forecast)
• actual: -194
• compare: -120 Bcf last year and -154 Bcf for the five-year average (same link)

Prices: prior to release of data, February 13, 2018:

• WTI: $59.26 (pretty much unchanged for the day); $59.18 after API crude oil inventory data came out;
• Henry Hub natural gas: $2.614 (up 2.4%)

Treasury yields:

• 10-year: 2.83% before the CPI came; 2.86% after CPI data came out
• CPI: accelerates

***********************************

Recommended Reading?

Nixon Shock -- Wikipedia.

Watergate -- Wikipedia.

Price of oil (WTI), sweet spot: from a post dated September 7, 2016 --

Early this morning, well before the article [at the linked post] was posted, I mentioned that I'm completely content with $45 oil. In fact, I argue that the sweet spot for WTI pricing right now is $46 to $52. I used $60 as the high end of the sweet spot. I find it interesting that this Bloomberg article chose exactly the same numbers.  

*********************************

Somewhere Over The Rainbow

Somewhere Over The Rainbow, Jerry Lee Lewis

***************************

Cookies; Tracking 

A lot of folks (apparently) get upset with Google (et al) tracking their internet searches. I love it. I get targeted ads. I haven't had a Viagra ad pushed to me in years. LOL. Some weeks ago -- I had already forgotten until I saw the targeted ad a few minutes ago -- I was looking for a motel in a city which I hoped to visit sometime next month. Never found what I was looking for; moved on. Not sure if I want to travel next month.

A few minutes ago, a targeted ad popped up while looking for the Jerry Lee Lewis video above -- with prices for hotels in the city that I had planned to visit. Wow, great. Reminded me of something I was doing before I was bored/distracted/ frustrated and moved on.