Weekly EIA Petroleum Report -- Not Unexpected -- February 24, 2021

WTI commentary: I honestly can't remember when I saw shares in publicly traded oil companies jump this fast. This is quite remarkable. Some are suggesting that traders are betting on $100-oil following the "Texas Freeze." That may be, but I think there's much more going on:

• re-opening;
• pandemic; cases dropping; another vaccine approved
• folks have been in lockdown mode coming up on a year (remember: three weeks to flatten the curve)
• folks are ready to get back to normal
• most importantly: the Biden administration must realize that they need to turn this ship around and fast; if we're still wearing masks, talking about lockdowns, and not opening schools this autumn, the administration is in huge trouble; even folks who hated the previous president, saw light at the end of the tunnel; under Biden, all we're seeing is more masks, including double-masking;
• oil companies cautious under new administration; legal permits revoked; approved pipelines shut down; will exacerbate oil shortage if there is one
• money from previous "stimulation" initiatives still working its was through the economy
• new stimulus initiative soon to be passed by government 
• looks like a huge risk-off trade;
  

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Market Links

First group:

• 10-Year Treasury: link here.  1.388%. Up 0.024.
  
• DXY: link here. Flat at 90.17.
  
• Silver: link  here. Up slightly at 27.820.
  
• CBOE volatility index: link here. At 21.77, down almost 6%.
  

Second group:

• 30-Year Treasury: link here. At 2.239%, at 0.04. 

TBT: at 20.45, up 1.64%. 

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SRE Earnings

From SeekingAlpha, February 24, 2021:

Sempra Energy is scheduled to announce Q4 earnings results on Thursday, February 25th, before market open. 

The consensus EPS Estimate is $1.57 and the consensus Revenue Estimate is $3.52B. 

Over the last 2 years, SRE has beaten EPS estimates 75% of the time and has beaten revenue estimates 25% of the time. 

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EIA's weekly petroleum report: pending.

• US crude oil in storage increased by 1.3 million bbls;
• US crude oil in storage: 463.0 million bbls; right at 5-year average for this time of year
• US crude oil imports averaged 4.6 million bopd; decreased by 1.3 million bpd from the previous week; over the past four weeks, crude oil imports average 13.3% less than the same four-week period last year;
• refiners operating at an incredibly, shockingly, unprecedented low of 68.6%
• distillate fuel inventories decreased by 5.0 millioo bbls; but still 3% above the five-year average;
• propanee / propylene inventories decreased by 5.2 million bbls; a whopping 17% below the five-year average; Michigan governor still wants to shut down propane pipeline;
• jet fuel supplied was down 32.3% compared with same four-week period last year

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Whoo-hoo!: WTI soars. Up over 2%; adds $1.45; trading above $63. Oil-related shares (and these "increases" on top of bigger increases yesterday, February 23, 2021):

• ENB: up 0.7%
• EPD: up 1.06%
  
• KMI: up 2.6%
• CVX: huge surge; was flirting with $100 yesterday; today, trending toward $104; up over 4%;
• COP: up a whopping 4%; now trading at $54.27;
  
• XOM: up 3.33%; trading at $56.88
  
• CLR: up over 7%; last week trading at $21.65; now at $26.51;
  
• EOG: up 7.13%
• HES: up 3.05%;
• OVV: up an astounding 2.55%;

AAPL: too little too late? Unless Apple comes through with a significant increase in its dividend, the increase will be seen as too little too late. Tim Cook says Apple will raise dividend. Details not provided. 

• History: 
• AAPL has paid a very miserly dividend for several years now
• currently paying 0.65%
  
• AAPL, like most publicly traded companies, maintains a dividend for four quarters
• in mid-2020, AAPL raised its dividend twice
• in late November, 2020, AAPL announced a dividend of 20.5 cents/share (is that correct) -- if accurate that's a cut to 1/4 from the previous 80 cents; see link; I don't quite understand it; did I miss something along the way? See first comment: change in dividend reflects 4 - 1 AAPL split; dividend remained unchanged.
  
• Tim Cook's comments suggests next dividend increase will be payable May, 2021;