Weekly Edition Of "Focus On Fracking" -- Posted -- September 13, 2020

Link here.

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.