- EIA US crude oil inventory, week-over-week: an increase of 2.4 million bbls; Big_Orrin was off by a country mile, or as much as a long-reach horizontal lateral
- EIA US crude oil inventory: 419.5 million bbls; supposedly at the 5-year average
- but look at this: refineries operating at 89.8% capacity (a rainstorm called Imelda shut down the Exxon refinery in Houston)
- even so, gasoline production increased last week, who wudda thought?
- distillate fuel production decreased last week but not by much
US shale, the swing producer:
- Saudi loses half (or more) of its export capacity
- a rainstorm shuts down (some) operations along the US coast
- crude oil imports dropped an astounding 672,000 bopd (over a denominator of about 6.5 million bopd, or 10%)
- and, yet, US gasoline production actually increased last week, albeit not much
- US gasoline production over past four weeks averaged 9.4 million bbls; last week production came in at 10.2 million bbls -- an 8.5% increase -- and that's with Exxon's largest refinery along the coast shut down for the week (assuming that was the week that was, and I could be wrong) -- Focus on Fracking will sort this out in the weekly Sunday note
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
|
Week 34
|
July 17, 2019
|
-3.1
|
455.9
|
Week 35
|
July 24, 2019
|
-10.8
|
445.1
|
Week 36
|
July 31, 2019
|
-8.5
|
436.5
|
Week 37
|
August 7, 2019
|
2.4
|
438.9
|
Week 38
|
August 14, 2019
|
1.6
|
440.5
|
Week 29
|
August 21, 2019
|
-2.7
|
437.8
|
Week 30
|
August 28, 2019
|
-10.0
|
427.8
|
Week 31
|
September 5, 2019
|
-4.8
|
423.0
|
Week 32
|
September 11, 2019
|
-6.9
|
416.1
|
Week 33
|
September 18, 2019
|
1.1
|
417.1
|
Week 34
|
September 26, 2019
|
2.4
|
419.5
|
