Weekly EIA Petroleum Report -- June 10, 2020

Link here, pending:

• US crude oil inventories increased by 5.7 million bbls;
• US crude oil inventories stand at 538.1 million bbls; 14% aboove an already fat inventory average which is rising every week;
• refineries operating at 73.1%; maybe a bit higher, maybe trending higher, but still at historic lows;
• US imports increased by 0.7 million bopd last week but four-week average remains 13.3% less than last year
• jet fuel supplied: down 64%, compared with same four-week period last year

Re-balancing:

Week	Date of Report=	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 71	April 8, 2020	15.2	484.4
Week 72	April 15, 2020	19.2	503.6
Week 72	April 22, 2020	15.0	518.6
Week 73	April 29, 2020	9.0	527.6
Week 74	May 6, 2020	4.6	532.2
Week 75	May 13, 2020	-0.7	531.5
Week 76	May 20, 2020	-5.0	526.5
Week 77	May 28, 2020	7.9	534.4
Week 78	June 3, 2020	-2.1	532.3
Week 79	June 10, 2020	5.7	538.1

Imports, crude oil:

Crude Oil Imports
Week (week-over-week)	Date of Report	Raw Data, millions of bbls	Change (millions of bbls)	Four-week period comparison
Week 0	March 11, 2029	6.4	0.174
Week 1	March 18, 2020	6.5	0.127
Week 2	March 25, 2020	6.1	-0.422
Week 3	April 1, 2020	6.0	-0.070
Week 4	April 8, 2020	5.9	-0.173
Week 5	April 15, 2020	5.7	-0.194
Week 6	April 22, 2020	5.6	-0.700
Week 7	April 29, 2020	5.3	0.365	-19.700%
Week 8	May 6, 2020	5.7	0.410
Week 9	May 13, 2020	5.4	-0.321	-26.100%
Week 10	May 20, 2020	5.2	-0.194
Week 11	May 28, 2020	7.2	2.000	-16.400%
Week 12	June 3, 2020	6.2	-1.000	-18.300%
Week 13	June 10, 2020	6.4	0.000	-13.300%

Jet fuel supplied:

Jet Fuel Delivered, Change, Four-Week/Four-Week
Week	Date of Report	Change
Week 0	3/7/2020	-12.80%
Week 1	3/14/2020	-12.60%
Week 2	3/21/2020	-8.90%
Week 3	3/28/2020	-16.40%
Week 4	4/4/2020	-0.22%
Week 5	4/11/2020	-39.70%
Week 6	4/18/2020	-53.60%
Week 7	4/24/2020	-61.60%
Week 8	5/1/2020	-66.60%
Week 9	5/8/2020	-68.50%
Week 10	5/15/2020	-67.90%
Week 11	May 22, 2020	-66.60%
Week 12	June 3, 2020	-68.70%
Week 13	June 10, 2020	-63.70%

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While We're Waiting

Disclaimer: this is not an investment site.  Do not make any investment, financial, career, travel, job, or relationship decisions based on what you read here or think you may have read here.

While we're waiting, let's look at the market:

• major indices
• NASDAQ: up 61 points
• Dow: down almost 300 points; worried about the Fed today
• S&P 500: down 16 points
• Of interest:
• the airlines:
• UAL: down almost 13%
• DAL: down almost 12%
• LUV: down almost 7%
• AAL: down over 12%
• see this link:
• AAPL: up another $6; hits another all-time record; 
• market cap: $1.516 trillion (that's with a "t")
• IMUX: down 9%
• EPD: down 4%; paying over 8%;

From this link, I get such a kick out of this:

This is huge, absolutely huge, and explains why I said an analyst recently made a rookie mistake when he said Warren Buffett made a mistake by "panic selling" his airline stocks. See "Warren Buffett's Spreadsheet" below. Re-posting from a couple of days ago:

Panic selling: there is an article over at Investor's Business Daily which suggests Warren Buffett took a $2.7 billion loss due to "panic selling" of his equity in four airlines (UAL, AAL, LUV, and DAL).  The journalist made a huge rookie mistake in his analysis.Warren Buffett's spreadsheet below:

	Airline	Shr Price: 3/31/2020	Dollars	Shares	Shr Price: June 10, 2020	Total
	DAL	28.53	675,000,000	23,659,306	29.88	706,940,063
	UAL	31.55	675,000,000	21,394,612	38.75	829,041,204
	AAL	12.19	675,000,000	55,373,257	16.01	886,525,841
	SWA	35.61	675,000,000	18,955,350	35.17	666,659,646
			2,700,000,000			3,089,166,755
	AAPL	254.29	2,700,000,000	10,617,799	350	3,716,229,502
						627,062,747
						3,089,166,755
						20.29876653%
March 24, 2020		224		10,617,799		2,378,386,881
June 10, 2020		350		10,617,799		3,716,229,502
						1,337,842,621

Clickbait: I "never" click on stories with these kind of headlines, but not much news out there, so --- two of the "ten of the best cheap dividend stocks to buy right now" -- I have built positions over the years in two of them. Just saying.