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.