US Crude Oil Inventory Build: 2.2 Million Bbls -- June 12, 2019

EIA's weekly petroleum report:

• 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

US days of crude oil supply: 28 days. Trending higher.  Max has been 31 days; 28 days is a very high number. All the US needs is 21 days; very, very bullish for oil traders if the supply were less than 20 days. In other words, a 28-day supply of crude oil in the US ... at the high end.

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