- US commercial crude oil inventories decreased by 1.6 million bbls; at 420.5 million bbls, inventories in the lower half of the average range for this time of the year
- refineries operated at 88% of their operable capacity last week; wow -- way below potential
- despite that refinery capacity report, gasoline production actually increased last week, slightly more than 10 million bbls/day
- distillate fuel production decreased last week, averaging about 4.5 million bbls/day
- products delivered: up significantly year-over-year
Re-balancing (again, lines 1 - 23 hidden; otherwise chart would be getting too long to post):
Week
|
Date
|
Drawdown
|
Storage
|
Weeks to RB
|
Week 0
|
Apr 26, 2017
|
529.0
|
180
|
|
Week 24
|
October 12, 2017
|
2.8
|
462.2
|
40
|
Week 25
|
October 18, 2017
|
5.7
|
456.5
|
37
|
Week 26
|
October 25, 2017
|
-0.9
|
457.3
|
39
|
Week 27
|
November 1, 2017
|
2.4
|
454.9
|
38
|
Week 28
|
November 8, 2017
|
-2.2
|
457.1
|
42
|
Week 29
|
November 15, 2017
|
1.9
|
459.0
|
43
|
Week 30
|
November 22, 2017
|
1.9
|
457.1
|
42
|
Week 31
|
November 29, 2017
|
3.4
|
453.7
|
41
|
Week 32
|
December 6, 2017
|
5.6
|
448.1
|
37
|
Week 33
|
December 13, 2017
|
5.1
|
443.0
|
36
|
Week 34
|
December 20, 2017
|
6.5
|
436.5
|
30
|
Week 35
|
December 28, 2017
|
4.6
|
431.9
|
28
|
Week 36
|
January 4, 2018
|
7.4
|
424.5
|
25
|
Week 37
|
January 10, 2018
|
4.9
|
419.5
|
23
|
Week 38
|
January 18, 2018
|
6.9
|
412.7
|
20
|
Week 39
|
January 24, 2018
|
1.1
|
411.6
|
20
|
Week 40
|
January 31, 2018
|
-6.8
|
418.4
|
24
|
Week 41
|
February 7, 2018
|
-1.9
|
420.3
|
26
|
Week 42
|
February 14, 2018
|
-1.8
|
422.1
|
27
|
Week 43
|
February 21, 2018
|
1.6
|
420.5
|
27
|
Gasoline demand:
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