Good News: Down Four Million Bbls -- EIA Weekly Inventory -- May 8, 2019

Updates

May 8, 2019: good news? Or is the data being manipulated? Or not fully explained? Or are analysts / research firms trying to CTA? If you don't like the EIA data, you have any number of analysts from which to choose. Good luck to all.

Original Post 

Link here. EIA data:

• weekly crude oil inventories: decreased by 4.0 million bbls -- amazing how free-market capitalism works
• currently crude oil in storage:466.6 million; at the 5-year average -- well, sort of
• total motor gasoline: decreased a bit; about 2% below the 5-year average (much of this due to California issues)
• refineries: at 88.9% operating capacity; again, much of this is due to California)
• look at this: jet fuel product supplied up almost 7% compared with four-week period last year

#OOTT: EIA's crude oil supply adjustment (unaccounted oil) plunged from +685kbpd to -856kbpd last week.

Javier Blas, #OOTT: U.S. imports of Saudi Arabia crude collapsed last week to 311,000 b/d -- lowest in weekly data going back to 2010 (and most likely the lowest since the mid-1980s, based on monthly data).

Venezuela: imports dropped back to zero. Nada. Zilch. Previous week, US imported 186,000 bbls from Venezuela; compare with 311,000 bbls imported from Saudi Arabia last week. 

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	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	337.2
Week 12	February 13, 2019	3.6	450.8
Week 13	February 21, 2019	3.7	343.8
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
Week 21	April 17, 2019	-1.4	455.2
Week 22	April 24, 2019	5.5	460.1
Week 23	May 1, 2019	9.9	470.6
Week 24	May 8, 2019	-4.0	466.6