Huge US Crude Oil Draw But WTI Tanks; News Out Of OPEC Not Good -- December 6, 2018

Weekly US petroleum report, link here:

• wow, wow, wow -- API and EIA certainly don't agree on this data point -- US crude oil inventories
• EIA; US crude oil inventories declined by a whopping 7.3 million bbls
• US crude oil inventory now at 443.2 million bbls; at 6%, down from 7%, above the five-year average
• refineries working at 95.5% of their capacity; sort of a middling number
• gasoline production responding to gasoline demand: below 10 million bpd
• distillate production responding to global warming: well over 5 million bpd (at 5.6 million bpd)
• remember all that talk about increasing imports -- not so fast -- most recent data, US crude oil imports were down by almost one million bbls per day (actual, 943,000 bpd)
• total distillate fuel supplied was 4.1 million bbls, up 5% from year ago
• jet fuel up again; up almost 4% from a year ago

Week	Date	Change w-o-w	In Storage
Week 0	Nov 21, 2018	4.9	446.9
Week 1	November 28, 2018	3.6	450.5
Week 2	December 6, 2018	-7.3	443.2

WTI: "tanks" despite large US draw

• WTI sinks almost 4%; down $1.86 / bbl; trading right at $51
• obviously, as posted just moments ago, the news coming out of OPEC is not good for oil bulls
• will OPEC get it right this time around; can US shale operators handle a second round?
• Canada in deep trouble; a lot of social programs to pay for

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A Seafood Luncheon

Conch and octopus. Neither has any taste -- it's all about the condiments, salad, tempura, etc. Both are over-rated. Either that or I haven't found the best recipe yet.