EIA Confirms API Data -- US Crude Oil Inventories Continue To Increase -- March 7, 2018

The weekly petroleum report:

• US crude oil inventories: increased by 2.4 million bbls; now at 425.9 million bbls

Market response: WTI drops over 1%; now trading below $62

Other data from the weekly petroleum report:

• refineries: operating at 88% of operable capacity; still well below their potential
• despite decreasing gasoline production, still well above the "average" range
• other data pretty much uninteresting or unchanged 

Re-balancing: moving in the wrong direction -- back to 29 weeks -- the highest in eleven (11) weeks -- it was 30 weeks back on December 20, 2017.

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
Week 44	February 28, 2018	3.0	423.5	28
Week 45	March 7, 2018	2.4	425.9	29