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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