Opening thought: folks are way too concerned about inflation. Way too concerned. In fact, some types / some amount of inflation is very good.
Labor shortage? Self-inflicted. What's this all about? Link here.
- 80,000 green cards are about to disappear from the US.
- it's this sort of garbage that makes me re-think my position on the southern surge
Rick Rieder, BlackRock CEO: incredibly bullish interview, yesterday over at CNBC; a must-hear interview for any investor.
Legacy fund: deposits for October, 2021, pending.
Weekly EAI petroleum report, link here:
- US crude oil in storage decreased by 0.4 million bbls, a rounding error.
- US crude oil in storage stands at 426.5 million bbls, 6% below the five-year average. It should be noted that the five-year average has been very "fat" so 6% below is "overstated."
- US refiners are operating at 84.7% of their operable capacity (yawn -- again).
- US crude oil imports averaged 5.8 million bbls per day; down by 169,000 bopd from the previous week; over the past four weeks, imports average 6.4 million bpd, about 20% more than same four-week period last year;
- distillate fuel inventories decreased by 3.9 million bbls; ten percent below the five-year average.
- total products supplied, at 21%, is up 14% from same period last year; need data from 2019 for better comparison;
- jet fuel supplied was up 50% from same four-week period last year; again, we need data from 2019for better comparison;
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Sunrise Over Flathead Lake
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Twitter Tweets Today
Just sayin':
- "Crude on fire" after today's EIA report.
- China considering market intervention on coal.
- XOM debates abandoning some of its biggest oil and gas projects. Link to WSJ.
- US oil stockpiles at Cushing at lowest since October, 2018. Does it matter?
- Exactly correct, the Saudi position: Saudi energy minister, "Even if we made the crude available in tons and tons, who is going to burn it? Where are the refineries that will convert it? And who is in need? Are they in need of crude? Or natural gas?"
- Saudi energy minister: demand from gas-to-oil switch, up to 600,000 bpd from 500,000 just a week ago.
- US implied oil demand rose by almost two million bbls w/w to 21.832 million bpd.
- India: long-term oil demand from 4 million bpd today to 9 million bpd in 2040. They should have plenty of oil; the rest of the world -- other than China -- have said they will end need for oil by 2050. LOL. Link here. Direct to Platts here.
- Dow sets new all-time record.
Oh stop it now, you're makin me want to move back 😁. Til it snows, that is...
ReplyDeleteI find the EIA report bullish.
ReplyDelete-Crude stocks down by north of 2 million barrels including SPR.
-Total stocks including SPR down by 11.5 million barrels including SPR.
-Imports last week 2.75 million barrels.
There's week to week variances in the data (I call it noise), trending reduction of inventory of crude and product over the last few weeks.
It appears "the market" thought the report was bullish also. That made my day but I didn't think the report was all that interesting. However, what was interesting was the observation that US crude oil demand is moving toward 22 million bopd vs the historical 20 million b/d. That's huge.
DeleteThe point I was trying to make: the fact that I did not get particularly excited about today's report, just proves that I really don't know much about the big picture with regard to oil.
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