Weekly Petroleum Report -- February 22, 2018; Re-Balancing Remains Unchanged; Gasoline Demand Remains Strong; Regular Gasoline In North Texas For $2.08 Easily Found

Weekly petroleum report data points:

• 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: