- US crude oil weekly build: 2.2 million bbls
- US crude oil inventories: 485.5 million bbls
- US crude oil inventories now at a whopping 8% above the five-year average (and the five-year average has been increasing over the past year or so) [Later: see first comment: in case you were wondering, our crude oil inventories were 38.5% higher than the prior 5 year (2009 - 2013) average of crude oil stocks for the first week of June..]
- refiners: operating at 93.2% capacity; trending upward; as good as I've seen in quite a few months
- imports: 7.6 million bopd, down by 316,000 bopd from the previous week
- imports: over the past four weeks, imports have averaged about 9% less than same four-week period last year (interesting)
- jet fuel supplied: still shows an increase year-over-year
WTI: after the report was released, the "board" shows WTI trading down 2.78%; down $1.48, trading at $51.79. In fact WTI was at $51.78 before the report came out. So, either the movers and shakes already knew the likely numbers that would be reported, or the report didn't change things.
The market: the Dow is flat, up 2 points right now (9:49 a.m. CT, June 12, 2019).
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
|
447.2
|
Week 12
|
February 13, 2019
|
3.6
|
450.8
|
Week 13
|
February 21, 2019
|
3.7
|
454.5
|
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
|
Week 25
|
May 15, 2019
|
5.4
|
472.0
|
Week 26
|
May 22, 2019
|
4.7
|
476.8
|
Week 27
|
May 30, 2019
|
-0.3
|
476.5
|
Week 28
|
June 5, 2019
|
6.8
|
483.3
|
Week 29
|
June 12, 2019
|
2.2
|
485.5
|
in case you were wondering, our crude oil inventories were 38.5% higher than the prior 5 year (2009 - 2013) average of crude oil stocks for the first week of June..
ReplyDeleteThank you. I was wondering, but didn't know how to go about and find that number. But I knew that current inventories are well ahead of our historical average.
Deleteoh, it's a bit tedious, but not that hard...just take this week's stocks divided by the average of the same week from 2009 to 2013...
Delete485,470 / ((365,179 + 358,610 + 343,491 + 342,596 + 343,186) / 5) =
pop that into a google search box, and google tells you it's 1.38463, or a 38.5% increase...
Thank you. By the way, that "google search box" is quite remarkable -- more than just for search -- I had forgotten how much I used to use for calculations.. and then forgot for some reason....
Delete