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Wednesday, December 8, 2021

Up Thirty-Five Cents -- December 8, 2021

WTI: up 35 cents after EIA report released.

 
Weekly EIA petroleum report.

Link here.

  • Refiners operating at 89.8% of their operable capacity. Up slightly.
  • US crude oil in storage decreased by 0.2 million bbls. Yawn.
  • US crude oil in storage is now at 432.9 million bbls. Yawn.
  • US crude oil imports averaged 6.5 million bopd, down by 105,000 bopd from previous week. Yawn.
  • Distillate fuel inventories increased by 2.7 million bbls last week; still 7% below the five-year average.
  • Jet fuel supplied was up 27% -- compared to same four-week period last year. Wow. Lowest increase I've seen in quite some time. 

Fertilizer:

  • not being talked about yet, but Europe, Russia are cutting back on fertilizer by huge amounts;
  • I don't follow the story, but my hunch is that with the energy-rich status of the US, fertilizer companies here are going to do a booming business in 2022;
  • in fact, everything points to the US widening its lead over the EU in every category in 2022;
  • AMIRITE?

Time to google: Fertilizer Manufacturing Industry in the US -- Market Research Report, updated November 30, 2021. Link here. Most of it is behind a paywall, but the subject lines will take you were you need to go.

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