Weekly EIA Petroleum Report -- October 14, 2021

Is anyone paying attention:

• total petroleum product supplied two years ago, 2019, save week as this week: 21.1 million bpd
• this year, total petroleum product supplied this year, this report: 20.7 million bopd
• and the US economy is not even close to being fully open, and the supply chain shortage is still a huge obstacle
• how can one not be bullish?

Disclaimer: I am always inappropriately exuberant, always inappropriately bullish. This is not an investment site.

Link here.

• US crude oil inventories increased by a whopping 6.1 million bbls:
• US crude oil in storage now stands at 427.0 million bbls;
• US crude oil imports average 6.0 million bopd; decreased by 1.0 million bopd; over the past four weeks, crude oil imports averaged about 6.5 million bopd (yawn)
• refiners are operating at 86.7% (yawn)
• distillate fuel inventories unchanged from previous week; 9% below the five-year average
• jet fuel product supplied was up 53.5% compared with same four-week period last year;
• but look at this -- is the economy back or what? total products supplied was up by almost 13% from the same period last year.  
• total products supplied: 20.7 million bbls
  
• so, let's look at the report that was released the same date, two years ago, 2019; link here:
• total products supplied over the last four-week period averaged 21.1 million bpd, up by 5.4% from the same period, 2018
  

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Delta Has Clearly Peaked

Except in a few states including Minnesota and Michigan.