Wednesday, January 29, 2020

Are We Already Seeing The China Coronavirus Effect? EIA Weekly Petroleum Report -- January 29, 2020

WTI: before the report --
  • $53.20 (down 28 cents) at 9:21 a.m. CT; report to be released at 9:30 a.m. CT.
WTI: after the report --
  • $53.24 (down 24 cents) at 9:321 a.m. CT; report released at 9:30 a.m. CT.
Link here.
  • US crude oil in storage increased by 3.5 million bbls;
  • US crude oil in storage now stands at 431.7 million bbls, about 2% below the 5-year average for this time of year
  • refiners are operating at an incredibly low 87.2% of their operable capacity; it is rare to see this number drop below 90% 
  • total products supplied over the last four-week period is down 4% from same  period last year
  • something not seen often: jet fuel product supplied was actually down, not much, but down by 0.8% -- China travel? Seeing the effect already?
  • and look at this, propane/propylene inventories actually decreased by 3.6 million bbls last week but are still almost 30% above the five-year average for this time of year; farmers would be wise to buy larger propane tanks -- along with larger tractors
I'll check the gasoline supplies later, but I bet the US is awash in gasoline.

In North Texas, the DFW area, regular gasoline is easily available below $2.00 / gallon. Lowest price for regular in the metroplex in just outside of Dallas at $1.84 / gallon reported on the radio yesterday. At Gas Buddy today, $1.88. 

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 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
Week 54
December 4, 2019
-4.9
447.1
Week 55
December 11, 2019
0.8
447.9
Week 56
December 18, 2019
-1.1
446.8
Week 57
December 27, 2019
-5.5
441.4
Week 58
January 3, 2020
-11.5
429.9
Week 59
January 8, 2020
1.2
431.1
Week 60
January 15, 2020
-2.5
428.5
Week 61
January 23, 2020
-0.4
428.1
Week 62
January 29, 2020
3.5
431.7

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