Wednesday, February 5, 2020

Weekly Petroleum Report -- February 5, 2020

EIA link here.
  • US crude oil in storage increased by 3.4 million bbls.
  • US crude oil in storage now stands at 435.0 million bbls, 2% below the five-year average for this time of the year. And OPEC is in panic mode? LOL.
  • refineries were operating at 87.4% operable capacity last week; wow, that's the second week in a row with such a low  number;
  • even with that, gasoline production increased; distillate fuel production decreased but still at 5.0 million b/d -- my "threshold" (5.0 million is the "inflection point" for me; up or down around that number, but 5. 0 million is right on target;
  • US imported 6.6 million bopd, on average, last week, down slightly; compared to the same four-week period last year, imports were down 12.3%;
  • coronavirus effect/IMO22: distillate fuel, over the past four weeks, is down by 12.4%;
  • coronavirus effect: jet fuel supplied down 0.5% compared with 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
Week 62
January 29, 2020
3.5
431.7
Week 63
February 5, 2020
3.4
435.0



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