Weekly Petroleum Report -- November 27, 2019

Link here. US weekly petroleum report.

• US crude oil inventory increased by a mere 1.6 million bbls from the previous week
• US crude oil in storage now at 452.0 million bbls, about 3% above the 5-yeave average for this time of year; one year ago: 450.5 million bbls; not much re-balancing in this past year
• refiners are operating at 89.3% capacity, somewhat greater than the last few weeks, and trending up
• imports are not almost 22% less than the same four-week period last year
• there is no shortage of propane; it's not just where it needs to be; propane is about 6% above the five-year average

All things being equal, WTI should be "up." Let's see: WTI is down 49 cents, breaking below $48.

Re-balancing (note: to keep graphic manageable in size, much of the data is "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 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
Week 52	November 20, 2019	1.4	450.4
Week 53	November 27, 2019	1.6	452.0