Thursday, January 23, 2020

WTI Tumbles; Weekly EIA Crude Oil Production -- January 23, 2020

Wow! WTI tumbles: down 3%; down $1.77; trading below $55.

Link here for EIA's weekly crude oil production numbers:
  • US crude oil inventories decreased by 0.4 million bbls from the previous week (false precision, clearly).
  • US crude oil inventories stand at 428.1 million bbls, about 2% below the five-year average for this time of the year.
  • Refiners are operating at 90.5% of their capacity (really, really low).
  • US crude oil imports averaged only 6.4 million bopd, down 120,000 bopd from the previous week.
  • plenty of gasoline; and, 
  • jet fuel supplied was up 3.8% compared to 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
Week 60
January 15, 2020
-2.5
428.5
Week 61
January 23, 2020
-0.4
428.1

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