Weekly Petroleum Report -- EIA -- Januaty 8, 2020

Dow: last night, Dow futures were down 333 points. Nancy Pelosi asks for prayers. President Trump tweets "all is well." The Dow today? Opens in the green. WTI drops 1.4%. Who wudda thought?

• EOG: gives back its recent gains
• IMUX: gains almost a percent

EIA weekly petroleum report, link here:

• US crude oil in storage increased by 1.2 million bbls (didn't API say it was going to decrease by a significant amount? Whatever.)
• US crude oil in storage now stands at 431.1 million bbls, at the five-year average
• but look at this: total gasoline inventories surged 9.1 million bbls last week despite the fact that US crude oil refinery inputs were somewhat less than the previous week
• total gasoline supply in stoare is now about 5% above the five-year average -- sort of the wrong time for Iran to go to war if they hoped to disrupt supplies of oil or gasoline -- whatever
• refineries operated at middling range of their capacity, at 93% capacity
• gasoline production actually decreased but inventories surged -- oh, oh -- recession is just around the corner
• distillate fuel production also decreased
• propane: remember the shortage some years ago? Not this year. Propane/propylene inventories are about 17% -- wow, 17% -- above the five-year average
• jet fuel: St Greta is fuming -- jet fuel product supplied was up over 8% over the same four-week period last year

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