Unexpected Drop In US Crude Oil Inventories -- October 23, 2019

Updates

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Later, 1:17 p.m. CT: this really is quite incredible. Oilprice.com has still not reported the drop in US crude oil inventories and the subsequent jump in price in WTI. With huge builds, they practically report the story before the official data is released. It must be taking a little long than usual to figure out how to spin this story. By the way, someone noted that the huge build last week was due to a mismatch in dates before crude oil inventory data being reported and tanker traffic being reported. Very, very prescient. Very, very clever.

Original Post 

Link here.

• US weekly crude oil inventory change: decreased by 1.7 million bbls -- wow -- that was not expected!
• US weekly crude oil inventories: 433.2 million bbls; at the five-year average;
• refinery operating capacity, US: operating at 85.2% of operable capacity; about what we've been seeing for the past month; but well on the low side;
• WTI immediately after the report was released: up almost 2%; up almost a buck; now trading at $54.45; oilprice, always quick to headline "huge-build" stories hasn't reported this yet; are you kidding? 
• gasoline and distillate fuel supplied unremarkable but jet fuel product supplied was up almost 6% compared with the same four-week period last year -- must be driving faux environmentalists nuts; must be driving the elitists nuts who think they should be the only ones allowed to fly; 

Re-balancing (to keep spreadsheet manageable, lines 8 - 28, inclusive, are hidden):

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 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
Week 35	October 2, 2019	3.1	422.6
Week 36	October 9, 2019	2.9	425.6
Week 37	October 17, 2019	9.3	434.9
Week 38	October 23, 2019	-1.7	433.2