Wednesday, April 10, 2019

US Crude Oil Inventories Increase By A Whopping 7.0 Million Bbls -- April 10, 2019

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.

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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
WTI after the report: up 24 cents, at $64.22. Not sure how this is being calculated; at the start of the day, WTI was $64.43 -- both from the same source (oilprice)

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. 

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