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