Others understand this; I don't. But until provided a definitive explanation by an EIA expert (see "Focus on Fracking" -- weekly updates), I will go with this:
Gasoline inventories:
- combination of
- production
- demand
- from below:
- Total motor gasoline inventories decreased by 1.3 million barrels from last week and are about 6% below the five-year average for this time of year.
- Finished gasoline inventories increased, but blending components inventories decreased last week.
- If I understand this correctly, refiners were able to keep pace with refining "finished gasoline" but supply chain issues (or something else) or gasoline demand resulted in a decrease of blending components, resulting in an overall decrease in overall gasoline inventories
- see EIA's definition and explanation here;
- over a seven day period in Portland, OR, this past week, it appeared regular gasoline increeased in price by about 10%, from $5.00 to $5.50; just an anecdotal observation
Today:
EIA data today, link here:
- US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.1 million barrels from the previous week.
- At 436.8 million barrels, U.S. crude oil inventories are about 3% below the five-year average for this time of year.
- Total motor gasoline inventories decreased by 1.3 million barrels from last week and are about 6% below the five-year average for this time of year.
- Finished gasoline inventories increased, but blending components inventories decreased last week.
- Distillate fuel inventories increased by 0.4 million barrels last week and are about 19% below the five-year average for this time of year.
- Propane/propylene inventories increased by 1.2 million barrels from last week and are 4% above the five year average for this time of year.
- Total commercial petroleum inventories decreased by 0.7 million barrels last week.
The tea leaves certainly suggest we could see significantly higher WTI prices tomorrow.
WTI has been creeping up all evening. Currently up 1.4%; up $1.19; trading at $89.56.
This is the API data that has some folks in Washington very, very nervous.
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