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Thursday, January 19, 2023

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.

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