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