US Economy -- Weekly EIA Petroleum Report -- January 19, 2023

Flashback: Three huge legislative bills passed last year

• Infrastructure, make America great again (IRA)
• Tech ("Chips" bill)
• Spending

Flashforward: the threat of a transatlantic trade war is dominating Davos.

• that's how CNBC is framing it;
• it's much bigger than that; much, much bigger than simply a trade war;
• oh, by the way: those three legislative bills had MAGA written all over them

Random thought:

• 2024 --> if Biden / Kamala win, Kamala will be president by 2027

US economy: why did the market fall 800 points yesterday and another 300 points today?

• retail sales yesterday; Empire State Manufacturing Survey
• jobs report today;
• EIA's weekly petroleum report today;

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US Economy -- The Story The First

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US Economy -- The Story The Second

 

 

Link here:

• Weekly jobless claims fall 15,000 to 190,000
• Continuing claims increase 17,000 to 1.647 million
• Single-family housing starts rise 11.3%; permits fall 6.5%

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US Economy -- The Story The Third

Weekly EIA Petroleum report:

• No SPR releases this past week;
  
• US crude oil in storage is 3% above the five-year average;
• US crude oil in storage increased by a whopping 8.4 million bbls: certainly no urgency in re-filling the SPR;
• imports down 1.1% compared to a year ago
• refiners operating at a pathetic 85.3% of their capacity:
• distillates decreased by almost 2 million bbls last week and are now 20% below the five-year average just as winter is about to hit, and than after, farmers preparing for planting season;
• total motor gasoline inventories increased by 3.5 million bbls;
• type of oil matters: and the US has a glut of the wrong kind of oil;
• most discouraging: for the second week in a row, a surprise in this category -- jet fuel; this week, jet fuel supplied was down over 5%
• gasoline demand will be posted later today.