Wednesday, March 21, 2018

The Political, Market And Energy Page, T+21 -- March 21, 2018; Re-Balancing Back To 32 Weeks

Wow, I love Joe Kernan on CNBC. This morning this interchange, paraphrased:
Steve Liesman, talking about the "Fed": "it turns out Janet Yellen was a hawk. She raised the "Fed" rate for the first time in ten (10) years.

Joe Kernan: "Did I just hear you (Steve) call Janet Yellen a monetary hawk because she raised "the rate" for the first time in ten years."

Steve: "Yes." [What a doofus.]

Joe Kernan: "One would think that "they" would have models for these (Fed rate) actions."

Steve: "Well, Joe, I wonder if you have models because no one else does."

Joe: "All I know is that we all know the exact global temperature one hundred years from now."

Along with five others, Joe Kernan is a national treasure.
************************************

Weekly petroleum report: link here. WTI is up almost 2% -- getting close to $65 again.
  • crude oil inventories: dropped 2.6 million bbls; now at 428.3 million bbls; lower half of the average range for this time of year (we've talked about this trope before)
  • refineries: 91.7% operable capacity (wow, see graphic below)
  • everything else: unremarkable

Re-balancing: back to 32 weeks --

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
Week 46
March 14, 2018
-5.0
430.9
33
Week 47
March 21, 2018
2.6
428.3
32

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