- US crude oil inventories: unchanged from previous week
- US crude oil inventories: 441.4 million bbls
- refinery operating capacity jumped to 97.2%
- from the report: "Total products supplied over the last four-week period averaged 20.9 million barrels per day, up by 1.6% from the same period last year."
- distillate fuel supplied was up almost 4% compared to last year
- jet fuel production, interestingly, slumped; down over 12% compared to same four-week period last year
- gasoline production slightly below the 10-million-barrel threshold
- distillate production slightly above the 5-million-barrel threshold
- all things being equal, WTI should have remained unchanged after the report
- so let's see what happened: up a dollar and now trading slightly above $48
- maybe that's why NOG jumped today
Re-balancing?
Week
|
Date
|
Change w-o-w
|
In Storage
|
Weeks to RB to 350 Million Bbls
|
Week 0
|
November 21, 2018
|
4.9
|
446.9
|
N/A
|
Week 1
|
November 28, 2018
|
3.6
|
450.5
|
N/A
|
Week 2
|
December 6, 2018
|
-7.3
|
443.2
|
N/A
|
Week 3
|
December 12, 2018
|
-1.2
|
442.0
|
Never at this rate
|
Week 4
|
December 19, 2018
|
-0.5
|
441.5
|
Never at this rate
|
Week 5
|
December 28, 2018
|
0.0
|
441.4
|
Never at this rate
|
Week 6
|
January 4, 2019 12:00 AM
|
0.0
|
441.4
|
Never at this rate
|
Natural gas fill-rate/withdrawal: link here.
a few posts ago you said you wanted to be called on arithmetic errors...this might be one:
ReplyDelete"production jumped 1.6% from same period last year"
i get oil production up 19.6%, or if you meant refinery throughput, that's up 0.9%
but you might mean something else, so i'll give you the benefit of a doubt...
We were probably looking at different data points. It was my mistake. This was the line from the report:
DeleteTotal products supplied over the last four-week period averaged 20.9 million barrels per day, up by 1.6% from the same period last year.
"Total products supplied" is not the same as "production" I suppose.
I'll change the post to make that clear. Thank you.
Delete