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Thursday, November 14, 2019

EIA Weekly Petroleum Report -- November 14, 2019

Weekly EIA petroleum report: due out at 9:30 a.m. CT. Link here. API reported a slight build yesterday; my hunch today -- a huge build will be reported by EIA. LOL. I just made that up. I have no idea what the EIA will report. Here we go (9:47 a.m. CT) -- looks like it is delayed -- won't be out until 10:00 a.m. CT. Okay, finall, 10:01 a.m. CT:
  • US crude oil in storage, week-over-week: increased by 2.2 million bbls
    WTI: immediately upon release: $57.66 (up 54 cents for the day)
  • US crude oil in storage: 449.0 million bbls; about 3% above the five-year average
  • refiners operating at 87.8% capacity; very low but not as bad as it's been recently
  • imports for the four-week period, down almost 20% compared to same four-week period a year ago
  • jet fuel supplied was up 5.5% compared with same four-week period last year -- similar to what we've seen all year
  • WTI, fifteen minutes after report released, giving traders time to react -- WTI holds; remains in the green; up 23 cents for the day;

Re-balancing (note: weeks 6 - 42 hidden to make spreadsheet manageable):

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 43
September 18, 2019
1.1
417.1
Week 44
September 26, 2019
2.4
419.5
Week 45
October 2, 2019
3.1
422.6
Week 46
October 9, 2019
2.9
425.6
Week 47
October 17, 2019
9.3
434.9
Week 48
October 23, 2019
-1.7
433.2
Week 49
October 30, 2019
5.7
438.9
Week 50
November 6, 2019
7.9
446.8
Week 51
November 14, 2019
2.2
449.0

While we are waiting for the report, what else? Nothing. Wow, what a slow day.

Three biggest social media memes right now:
  • Jeffrey Epstein
  • Beto
  • Kaepernick
Like Julian Castro, Beto will never fade away. The other seven dwarfs will fade away after their fifteen minutes of fame are up. Even Steyer.

2 comments:

  1. the commercial inventory build was deceptive; roughly two-thirds of it came out of the SPR...the net build was +111,000 bpd

    i don't know why that's still going on, though...the SPR withdrawals were supposed to cover the September attack on the Saudis, and we're way past that...

    ReplyDelete
    Replies
    1. You would know better than I, but I thought Congress mandated steady withdrawal of SPR some months ago, unrelated to the Saudi attack. But I don't know. Regardless, it is what it is and if the net build was only 100,000 bopd, it speaks volumes on how quickly production is coming down.

      Delete

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