EIA's Weekly Petroleum Report -- February 6, 2019

Sour demand? This is more interesting than the EIA weekly report. From Platts -- 

Strong demand for sour crude grades helped boost LOOP Sour deliveries in January.

In a recent report from the Louisiana Offshore Oil Port, the company said LOOP Sour demand nearly tripled month on month, increasing by some 620,000 barrels to more than 985,000 barrels, which is about 32,000 b/d. It was the largest volume of LOOP Sour crude pulled from the Louisiana storage cavern since September.

A shortage of sour crudes along the US Gulf Coast has inverted the typical sweet-sour relationship globally. Additionally, US sanctions on Venezuela could further increase demand for sour grades.

LOOP Sour comprises US Gulf of Mexico grades Mars and Poseidon and a crude blend called Segregation 17, named after a cavern into which the Middle Eastern grades Arab Medium, Basrah Light and Kuwait Export Crude can be delivered. The grade has been most similar to Mars in terms of API gravity over the past 12 months, averaging 0.33 degree off Mars’ typical 29.44; and from a sulfur standpoint, averaging 0.02 percentage point off Arab Medium’s typical 2.53%.

Comment: when President Obama killed the Keystone XL, he really screwed things up for the American consumer. He really screwed things up for Canada. It's obvious he had no idea what he was doing. 

EIA's weekly petroleum report: oilprice.  With regard to pricing, oilprice covers all bases.

EIA's weekly petroleum report, link here: pending.

• US crude oil inventories: increased by 1.3 million bbls -- essentially flat in the big scheme of things
• US crude oil inventories: at 447.2 million bbls, 6% above the five-year average
• the five-year average continues to increase
• refineries operating at 90.7% capacity -- very, very low
• gasoline/distillate production: flat line
• US crude oil imports: pretty much unchanged
• gasoline product supplied over past four weeks: up about 1.6% -- pretty much background noise
• distillate product supplied over past four weeks: up by 6.4% -- probably reflects demand for heating oil this past winter
• jet fuel supplied over same four-week period: unchanged from a year ago

Time to re-balance? Won't happen in my lifetime:

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 life time
Week 9	January 24, 2019	8.0	445.0	Won’t happen i my life time
Week 10	January 31, 2019	0.9	445.9	Won’t happen in my life time
Week 11	February 6, 2091	1.3	447.2	Won’t happen in my life time

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The Shirley MacLaine Page

Lobo reincarnated as SUSTO?

Me and You and a Dog Named Boo, Lobo
Susto: an American indie rock band from Charleston, South Carolina, formed ~ 2014.

Lobo: born and raised in Florida, musical career began in 1961.