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Wednesday, February 1, 2023

Getting Caught Up -- Odds And Ends -- February 1, 2023

1. A reader had a question about the new Gladys permits; answer now provided at the link.

2. A reader asked me too update the Dollar Jim and West Capa oil fields. I will do that to some extent but that's a large area and I haven't updated either field in a long time, so it will take some time. I've added the file numbers of all the permits that have been added to Dollar Jim since 2017 but much more yet to be done. If there's a particular well of interest, or a particular section, let me know.

3. Now, for some EIA data that is released after the weekly petroleum reeport.

4. Gasoline demand: link here.


5. US crude oil, commercial, days of supply --  30.5: link here

The number of days of commercial US crude oil: 30.5 days. That's down from 30.8 days last week.
That's still more than four weeks of commercial US crude oil in storage at a time when three weeks is more than sufficient: a) this is not driving season; b) this is not hurricane season; c) gasoline demand is way, way down from historical norms (yes, I know, somewhat of a tautological argument). I need to see days of supply trending toward 24 days before I start to get bullish about increased activity in the oil fields.

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