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Wednesday, June 10, 2020

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%

*****************************************
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.

3 comments:

  1. i've looked around, & Zero Hedge seems to be the only one who noticed crude inventories were at a record high..
    https://www.zerohedge.com/energy/wti-holds-losses-after-crude-distillates-builds

    i had figured that would be the headline virtually everywhere..

    ReplyDelete
    Replies
    1. Thank you. I didn't realize they were at a record high but I did see they were at record highs since I started tracking them ... I just move to fast, catching headlines, that I forget to slow down and look at what's happening.

      Thank you for noting that. If it weren't for sites like ZeroHedge (and some politically far right sites -- good, bad, indifferent) there would be a lot of stories we wouldn't see.

      Delete
  2. that record is also 52.3% above the prior 5 year (2010 - 2014) average of our crude oil stocks for the first week of June; here's the math:
    538,065 / ((355,221 + 365,179 + 358,610 +346,897 + 340,906 ) / 5) =1.5227

    ReplyDelete

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