Tuesday, November 6, 2018

Holy Inventory, Batman! -- November 6, 2018

US crude oil inventories: up an astounding, whopping 7.83 million bbls. On top of 5.7 million bbls the week before. And wasn't it something like 9 million bbls the week before? I've long forgotten.

Link here. One wonders how the "peak oil" folks are explaining all this. Peak Oil Barrel last posted a note on October 31, 2018.

By the way, on another note, more confirmation that all that talk about Iranian sanctions was background noise. The only thing that matters when it comes to global crude oil production is that produced by Saudi Arabia, Russian, and the US. Everything else is simply background noise. See this post, well played, Mr Trump.

I quit following the weekly inventory figures earlier this year: this was one of the last, if not the last, spreadsheet that I posted. 

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

It looks like it might be worthwhile to press on following this.

Week 40, January 30, 2018: a gain of 6.8 million bbls
Week 46, March 14, 2018: a gain of 5.0 million bbls

These are EIA figures.

The most current EIA figures will be released tomorrow.

So much for all that re-balancing.

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