Weekly EIA Petroleum Report -- April 14, 2021

Link here. 

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: