Some data points (some from the link, some are mine):
- oil prices: tanked
- natural gas prices: not much better -- down 12% for the week;
- natural gas in storage: the gap between current amount in storage and the five-year maximum has widened ever so slightly
- US daily supply of oil: a staggering 12.5 million bbls per day -- daily supply of oil "net of our trade in oil and from well production"
- fudge factor to balance supply and consumption: +547,000bopd
- US crude oil production: rounded to 12.4 million bopd
- almost 20% below that of a year ago
- but, almost 20% more than the interim low of 8.4 million bopd at the end of June, 2016
- US refineries operating at 72% of their capacity: decreased week-over-week, most likely due to Hurricane Laura
- US distillate in storage: incredible; even after this week's inventory decrease, our distillate supplies at the end of the week were still 29.1% above the 136,226,000 barrels of distillates that we had in storage on September 6th, 2019, and about 20% above the five year average of distillates stocks for this time of the year
- most striking: commercial supplies of crude oil in storage was 26% more than what was in storage in 2018 at the same time this year -- remember all those stories about running out of storage space? haven't seen any of those stories lately;
Week-over-week, perhaps not much of a change, but from a historical point of view, these numbers are absolutely amazing.
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