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Wednesday, April 14, 2021

Notes And Comment -- Late Night Edition -- April 14, 2021

QCOM: I think this was reported earlier but over at marketbeat it was noted that QCOM increased its quarterly dividend from 65 cents to 68 cents. 

COST: at the same site (marketbeat), it was noted that Costco also raised its dividend.

Disclaimer: this is not an investment site.  Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here.

Permian: the basin will never face a pipeline shortage again -- Irina Slav. For the archives.

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Brilliant Question

Sophia, six years old and a first grader, today, out of the blue asked me this question earlier today: "Why can we see both the sun and the moon during the day, but we can only see the moon at night?"

A Closer Look At Today's EIA Weekly Petroleum Report -- April 14, 2021

From earlier today:

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)

Now, more. The weekly EIA petroleum report was absolutely incredible. It paints an incredible picture of just how fast "we" are coming out of the pandemic. 

Jet fuel delivery: look at the huge change -- this was such an incredible change, I had to check it twice:

Jet Fuel Delivered, Change, Four-Week/Four-Week



Week

Date of Report

Change

Week 41

March 3, 2021

-24.20%

Week 42

March 10, 2021

-29.80%

Week 43

March 17, 2021

-36.20%

Week 44

March 24, 2021

-35.40%

Week 45

March 31, 2021

-30.20%

Week 46

April 7, 2021

-11.70%

Week 47

April 14, 2021

24.80%

Crude oil imports, look at the last column:

Crude Oil Imports





Week (week-over-week)

Date of Report

Raw Data, millions of bbls

Change (millions of bbls)

Four-week period comparison

Week 41

December 23, 2020

5.6

0.140

-12.900%

Week 42

December 30, 2020

5.3

-0.238

-14.400%

Week 43

January 6, 2021

5.4

0.043

-18.100%

Week 44

January 13, 2021

6.2

0.900

14.900%

Week 45

January 22, 2021

6.0

-0.194

-11.800%

Week 46

January 27, 2021

5.1

-1.000

-13.900%

Week 47

February 3, 2021

6.5

1.400

-9.200%

Week 48

February 10, 2021

5.9

-0.700

-12.000%

Week 49

February 18, 2021

5.9

0.041


Week 50

February 24, 2021

4.6

-1.300

-13.300%

Week 51

March 3, 2021

6.3

1.700

-12.800%

Week 52

March 10, 2021

5.7

-0.600


Week 53

March 17, 2021

5.3

-0.332

13.900%

Week 54

March 24, 2021

5.6

0.300

-9.500%

Week 55

March 31, 2021

6.1

0.500

-9.400%

Week 56

April 7, 2021

6.3

0.119

-5.000%

Week 57

April 14, 2021

5.9

-0.411

0.700%

Distillate fuel in storage:

Distillate Fuel Inventories




Week

Date of Report

Change in Millions

Relative to 5-Yr Avg

Week 20

January 6, 2021

6.40

4.0%

Week 21

January 13, 2021

4.80

9.0%

Week 22

January 22, 2021

0.50

8.0%

Week 23

January 27, 2021

-0.80

8.0%

Week 24

February 3, 2021

0.00

8.0%

Week 25

February 10, 2021

-1.70

7.0%

Week 26

February 18, 2021

-3.40

6.0%

Week 27

February 24, 2021

-5.00

3.0%

Week 28

March 3, 2021

-9.70

-17.0%

Week 29

March 10, 2021

-5.50

-4.0%

Week 30

March 17, 2021

0.30

-2.0%

Week 31

March 24, 2021

3.80

1.0%

Week 32

March 31, 2021

2.50

4.0%

Week 33

April 7, 2021

1.50

5.0%

Week 34

Apr 14, 2021

-2.10

4.0%