WTI: $59.14 -- down 15 cents, just prior to release of today's data
- right after release of data: $59.57, up 28 cents
- before the day is over, unless there is offsetting news, the tea leaves suggest we will go over $60/bbl soon
- US crude oil inventories: decreases an astounding 9.6 million bbls
- US crude oil inventories: now at 439.5 million bbls; now about 2% below the five-year average
- refineries: at 88.9% operating capacity
- crude oil imports up slightly, up 186,000 bopd; averaging 6.9 million bopd
- crude oil imports, averaging about 6.6 million bopd, is 11% less than the same period last year
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
|
Week 15
|
March 6, 2019
|
7.1
|
452.9
|
Won’t happen in my lifetime
|
Week 16
|
March 13, 2019
|
-3.9
|
449.1
|
Won’t happen in my lifetime
|
Week 17
|
March 20, 2019
|
-9.6
|
439.5
|
Won’t happen in my lifetime
|
-0.1
|
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