Gasoline demand: most recent week -- at 9.754 million bpd, getting very, very close to a record milestone, 10 million b/d -- never been done before as far as I know.
Updates
Later, 9:51 a.m. CT:
Making America great: according to Z4 Research -- the largest piece of the 9.5-million-bbl decrease was the 6.7-million-bbl decrease long the Gulf Coast due to exports and higher gulf coast refining. This is a huge, huge story.
Adjustment: #OOTT says the crude adjustment factors plunges by 812K bpd w/w to -472K bpd which explains a decrease of 5.68 million bbls w/w -- crude inventory shift. If that's accurate, then starting next week, we will be comparing apples to apples. This week, we were comparing apples to oranges. But it appears there's a difference of opinion regarding drop in inventory between #OOTT and Z4 Research, if I'm reading both tweets correctly.
Original Post
EIA's weekly petroleum report: pending- US crude oil inventories, last week: decreased by a whopping 9.5 million bbls
- US crude oil inventories: at 459.0 million bbls, about 4% above the five-year average
- refining capacity: 94.7% capacity; on the high side;
- WTI at 9:06 a.m. CT (supposedly before the EIA data is known): $59.53
- WTI at 9:45 a.m. CT (fifteen minutes after release of EIA data): $59.42; this suggests to me that movers and shakers saw data before it was released to general public -- just saying -- either that, or analysts were really, really good at predicting the EIA report today --
- imports: about 12% less than the same four-week period last year (this speaks volumes for the US refiners -- adapting to the glut of light oil coming from the Permian)
- jet fuel: an anomaly? something not often seen -- jet fuel supplied was down almost 4% compared with same four-week period last year
The question, of course, is whether the EIA has adjusted the way it measures US crude oil inventories The adjustment has already occurred, or will occur. I don't know where that stands.
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
|
Week 30
|
June 19, 2019
|
-3.1
|
482.4
|
Week 31
|
June 26, 2019
|
-12.8
|
469.6
|
Week 32
|
July 3, 2019
|
-1.1
|
468.5
|
Week 33
|
July 10, 2019
|
-9.5
|
459.0
|
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