Pages

Wednesday, April 24, 2019

Never Mind; Plenty Of Oil Despite Sanctions On Iran -- April 24, 2019

Posted yesterday:
Markets caught off guard: oil surges 2.7%; close to a 6-month high. It's a false narrative but it is what it is. 30-second sound bite:

Today: IEA is reporting that OPEC's "spare capacity" reaches 3.3 million bopd.

But, of course, we all knew that.

EIA weekly petroleum report, link here. API reported a whopping increase of almost 8 million bbls of crude oil in its report yesterday.
  • US crude oil inventories: increased by a whopping 5.5 million bbls
  • US crude oil inventories: total inventories now stand at 460.6 million bbls; at the 5-year average, but the average has been increasing ever since the Saudi surge, 2014 - 2016;
  • refineries: operating at 90.1% capacity; much better than previous few weeks, but still very, very low; 
  • but look at this: imports increased by 1,157,000 bopd from the previous week
  • imports now average 6.6 million bopd, almost 20% less than the same four-week period last year, so the increase had to occur sooner or later, I suppose 
Reminder: NFL draft begins tonight. 

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.