Updates
Later, 9:44 p.m., April 10, 2019: from twitter --
Later, 12:00 noon, April 10, 2019: after the release of EIA petroleum data this morning, WTI was essentially flat, maybe up 24 cents. Since then, WTI continues to rise, now up almost a percent for the day. I guess no one cares that US crude oil inventories have increased by 17 million bbls over the past 3 weeks, or 14.2 million bbls over the past two weeks.
The market: a great market today, the kind I like to see. The Dow is down 30 points, but my watchlist is practically all green.
Disclaimer: this is not an investment site. Do not make any investment, financial, job, travel, or relationship decisions based on what you read here or think you may have read here.
Original Post
EIA's weekly petroleum report, link here:
- US crude oil inventories up a whopping 7.0 million bbls
- LOL -- at 456.5 million bbls, the US crude oil inventories are at the five year average -- going unreported is that that the 5-year average now includes the Saudi $1 trillion mistake / Saudi surge of 2014 - 2016
- at 456.5 million bbls, largest inventory in 20 weeks
- but look at this: total motor gasoline inventories decreased by 7.7 million bbls just as the US starts to enter its annual driving season; it can all be traced back to the Obama policies; not enough heavy oil to counter al that light oil, and, there are some refineries "down" due to "unexpected" maintenance; gasoline will get expensive;
- refineries operating at 87.5% capacity; at the far low end of the continuum
- crude oil imports are 15.5% less than the same four-week period last year -- this is not trivial; if that is mostly heavy oil, it's a problem for refiners
- everything else is white noise
Week
|
Week Ending
|
Change
|
Million Bbls Storage
|
Week 0
|
November 21, 2018
|
4.9
|
446.9
|
Week 1
|
November 28, 2018
|
3.6
|
450.5
|
Week 2
|
December 6, 2018
|
-7.3
|
443.2
|
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
|
Week 20
|
April 10, 2019
|
7.0
|
456.5
|
Note: in the graphic above, for the past 20 weeks, the current inventory of 456.5 million bbls is the largest inventory reported.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.