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