Wednesday, February 12, 2020

Weekly Petroleum Report -- EIA -- February 12, 2020

Weekly petroleum storage, EIA data:
  • US crude oil in storage increased by a whopping 7.5 million bbls; WTI up 3.3%; up $1.63, trading at $51.57;
  • US crude oil in storage: at 442.5 million bbls in storage, US crude oil inventories are about 2% below the average for this time of year;
  • refineries operating at an incredibly low 88% operable capacity
  • imports were up by 363,000 bopd from the previous week, which on a percentage basis, is not trivial; about 6.8% less than the same four-week period last year;
  • jet fuel supplied was up 0.7% compared with the same four-week period last year, suggesting China coronavirus moderating
My remarks regarding today's report: here.

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
Week 63
February 5, 2020
3.4
435.0
Week 64
February 12, 2020
75.0
442.5

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