- US crude oil inventories: plummeted by a whopping 8.6 million bbls
- US crude oil inventories: at 445.9 million bbls is now only 3% above the five-year average (which continues to increase) -- but 3% is significantly less than the 6% we've been seeing
- US crude oil imports: down by 1.6 million bopd -- quite remarkable; averaged just under 6 million bopd
- US refineries operating at 87.1% capacity; better than last couple of weeks, but still well below historic operating capacity
- jet fuel supplied still greater than previous year; up 2.5% compared to same four-week period last year
- surged over 3%
- up $1.74/bbl
- now trading at $57.24
Re-balancing to 400 million bbls -- won't happen in my lifetime (and, oh, by the way, the "historic norm" for US crude oil inventories was 350 million bbls -- so 400 million bbls remains a very, very robust inventory for US crude oil -- especially in light of "Occasional-Cortex talk" that oil won't be needed at all in a few years):
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
|
0.0
|
441.4
|
Never at this rate
|
Week 7
|
January 9, 2019
|
-1.7
|
439.7
|
A long, long time
|
Week 8
|
January 16, 2019
|
-2.7
|
437.1
|
Won’t happen in my lifetime
|
Week 9
|
January 24, 2019
|
8.0
|
445.0
|
Won’t happen i my lifetime
|
Week 10
|
January 31, 2019
|
0.9
|
445.9
|
Won’t happen in my lifetime
|
Week 11
|
February 6, 2019
|
1.3
|
447.2
|
Won’t happen in my lifetime
|
Week 12
|
February 13, 2019
|
3.6
|
450.8
|
Won’t happen in my lifetime
|
Week 13
|
February 21, 2019
|
3.7
|
454.8
|
Won’t happen in my lifetime
|
Week 14
|
February 27, 2019
|
-8.6
|
445.9
|
Won’t happen in my lifetime
|
0.3
|
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