Re-Balancing? Ain't Gonna Happen At This Rate -- January 4, 2019

Link here. EIA data --

• 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

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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.