But first, let's see what WTI is doing: down 16 cents; right at $57
- EIA weekly crude oil inventories: increased by 3.7 million bbls
- EIA weekly crude oil inventories: 454.5 million bbls; at 6% of five-year average; and the 5-year average keeps increasing
- refineries operating at an incredible low 85.9% capacity (second week in a row that we have seen incredibly low operating rate)
- both gasoline and distillate production decreased modestly last week, most background noise
- but again, imports up over 1.3 million bopd -- suggesting that the refiners still need that heavy oil to offset all the light oil from the Permian
- having said that, crude oil imports are still down 10% compared to same four-week period last year
- everything else seems unremarkable
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 in 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
|
In the past thirteen weeks, there were only five weeks in which crude oil inventories actually dropped, and of those five weeks, only one was remarkable: week 2 -- a drop of 7.3 million bbls.
The US crude oil inventory has actually increased significantly since 3.5 months ago, from 447 million bbls to 455 million bbls.
oil exports of 3,607,000 barrels per day are not unremarkable...in fact it tops the previous record by 12%:
ReplyDeletehttps://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCREXUS2&f=W
(ok, i missed this the first time i looked at it too...it took a CNBC headline to clue me in...i must be slowing down in my old age...)
Welcome to my world. I missed it, also. It was a note from the "guy" that tweets #OOTT -- where I saw it. #OOTT knows his stuff, also. But I think he's younger than both of us so he's got that advantage ...
Delete... here's where I posted the screenshot of the tweet:
http://themilliondollarway.blogspot.com/2019/02/making-america-great-another-record.html