Oh-Oh! What Did WTI Just Do? Dropped 0.4% -- April 3, 2019

Immediate analysis: from oilprice.

The perils of predicting! Wow, Platts really got it wrong. What did Platts predict? See this link.

The EIA weekly petroleum report: link here.

• crude oil inventory: surged 7.2 million bbls from the previous week; OMG!
• crude oil inventory: now at 449.5 million bbls; considered to be at the five year average for this time of the year; interesting, huh?
• refineries: operating at 86.4% of capacity; at low end; 
• at week 19, at  449.5 million bbls in storage, we are now higher than we were when we started this exercise back in November, 2018, when we were at 446.9 million bbls
• we will get a full analysis of this (and the natural gas fill rate) this Sunday, at "Focus on Fracking"
• gasoline and distillate fuel production unremarkable
• US crude oil imports increased slightly, but in big scheme of things, simply white noise
• US crude oil imports: over the past four weeks, imports average 12% less than same four-week period last year (2018)

Re-balancing:

Week	Week Ending	Change	Million Bbls Storage
Week 0	November 21, 2018	4.9	446.9
Week 1	November 28, 2018	3.6	460.5
Week 2	December 6, 2018	-7.3	449.2
Week 3	December 12, 2018	-1.2	442.0
Week 4	December 19, 2018	-0.5	441.5
Week 5	December 28, 2018	0.0	441.4
Week 6	January 4, 2019	0.0	441.4
Week 7	January 9, 2019	-1.7	439.7
Week 8	January 16, 2019	-2.7	437.1
Week 9	January 24, 2019	8.0	445.0
Week 10	January 31, 2019	0.9	445.9
Week 11	February 6, 2019	1.3	447.2
Week 12	February 13, 2019	3.6	450.8
Week 13	February 21, 2019	3.7	454.8
Week 14	February 27, 2019	-8.6	445.9
Week 15	March 6, 2019	7.1	452.9
Week 16	March 13, 2019	-3.9	449.1
Week 17	March 20, 2019	-9.6	439.5
Week 18	March 27, 2019	2.8	442.3
Week 19	April 3, 2019	7.2	449.5

******************************** 

Co-Ed Technical School

We're looking into sending Sophia to a co-ed technical school this summer, help prepare her for a socialist future.

We've found her necessary supplies.