US Weekly Production Hits All-Time Record -- 13 Million BOPD; WTI Drops Below $58 -- January 15, 2020

EIA: after weeks flirting with a new record, US oil output hit a record 13 million bopd last week.

EIA weekly petroleum report, link here:

• US crude oil in storage decreased by 2.5 million bbls from the previous week
• US crude oil in storage: at 428.5 million bbls, US inventories are at the 5-year average
• refineries operated at 92.2% capacity; trending down the past couple of weeks
• gasoline production increased, average 9.3 million bbls per day
• over the past four weeks, crude oil imports averaged 13.1% less than the same four-week period last year
• jet fuel product supplied continues to trend up; jet fuel product supplied was up 2.0% compared with same four-week period last year

WTI: after the report and on the same day the China-US trade deal signed -- down 24 cents; drops below $58. 

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