Weekly EIA petroleum report:
- US crude oil in storage: 492.4 million bbls; only one percent above the five-year average for this time of year;
- US crude oil in storage decreased by a non-trivial 5.9 million bbls from the previous week;
- US distillate fuel supplies decreased by 2.1 million bbls last week, but still 4% above the five-year average;
- US refiners operating at 85% their operable capacity;
- imports, FWIW, averaged almost 6 million bpd; down by about a half-million bpd;
- over the past four weeks, crude oil imports averaged 6 million bpd; 0.7% more than same four-week period last week;
So, think about that: possibly driving into the most uncharted territory ever -- coming out of a pandemic where people do not want to use mass transportation, and US driving season about to begin --
- US crude oil in storage only one percent above the five-year average for this time of the year;
- what about gasoline: production is increasing but inventories decreased last week;
- gasoline imports are running about a million bpd day (rounded up from 839,000 bpd)
WTI after the report! Whoo-hoo! I had not looked at this until now, but I thought the EIA report above was very bullish ....
- WTI: up over 4%; up $2.50 / bbl; and now trading at $62.68;
- a nice day for an E&P company to be "naked" (unhedged)
- explains why EOG popped today
Re-posting:
Total cost structure; E&Ps; from RBN Energy, back in early April, 2020, almost exactly one year ago.
From RBN Energy the other day:
Annotated:
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