Lots Of Oil Still Sloshing Around -- WTI Off Almost 2% -- Now Under $68/Bbl Again -- I Assume Gasoline Prices Are Falling In Your Neighborhood -- LOL -- August 1, 2018

Pardon the interruption: all market indices are in the red, except one -- the NASDAQ, up 15 points. One ticker symbol: AAPL.

Link here.

• US crude oil inventories: another build, this time -- 3.8 million bbls
• US crude oil inventories: 409 million bbls (threshold - 400 million bbls) -- only 1% below the 5-eyar average, and that 5-year average includes the Saudi Arabia surge, 2015 - 2017, which greatly distorted things -- in other words -- still a lot of oil sloshing around 
• refineries operating at 96.1% capacity: trending up
• gasoline production: 10.5 million bbls (threshold: 10 million bbls)
• distillate fuel production: 5.2 milion bbls (threshold: 5 million bbls)
• gasoline demand graphic will be posted later 

Gasoline prices in our neighborhood continue to trend up. Something tells me refiners are doing very, very nicely.

More bad news for Saudi Arabia: Kuwait's oil production hits 18-month high. That's like almost a year and a half.  Twopointfiveseven months measured in dog's lives.

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Trump Getting Ready To Drain The Swamp?

They say August is the most boring month for news. This August it could be different. He may go off the reservation. Again.

What to watch for: if the White House schedules a prime-time presidential address from the Oval Office. 

Seminole Wind, John Anderson
Scott Adams will re-tweet this as an example of Trump's ability to persuade.