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