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Summary of Weekly Petroleum Data for the Week Ending February 2, 2018

Summary of Weekly Petroleum Data for the Week Ending February 2, 2018 

 

U.S. crude oil refinery inputs averaged 16.8 million barrels per day during the week ending February 2, 2018, 784,000 barrels per day more than the previous week’s average. Refineries operated at 92.5% of their operable capacity last week. Gasoline production increased last week, averaging 10.1 million barrels per day. Distillate fuel production increased last week, averaging over 5.1 million barrels per day. 

 
U.S. crude oil imports averaged 7.9 million barrels per day last week, down by 538,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 8.1 million barrels per day, 4.5% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 746,000 barrels per day. Distillate fuel imports averaged 313,000 barrels per day last week.  

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.9 million barrels from the previous week. At 420.3 million barrels, U.S. crude oil inventories are in the middle of the average range for this time of year. Total motor gasoline inventories increased by 3.4 million barrels last week, and are in the middle of the average range. Both finished gasoline inventories and blending components inventories increased last week. Distillate fuel inventories increased by 3.9 million barrels last week and are in the middle of the average range for this time of year. Propane/propylene inventories decreased by 4.1 million barrels last week, but are in the middle of the average range. Total commercial petroleum inventories increased by 4.4 million barrels last week.  

Total products supplied over the last four-week period averaged over 20.8 million barrels per day, up by 4.8% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged 8.9 million barrels per day, up by 6.5% from the same period last year. Distillate fuel product supplied averaged 4.2 million barrels per day over the last four weeks, up by 8.9% from the same period last year. Jet fuel product supplied is down 0.6% compared to the same four-week period last year.



Black Blade: This week's EIA Petroleum Inventory Status Report is SLIGHTLY BEARISH as inventories increased for crude and most refined products even as refinery utilization rates remained strong above 92%. However, the large cracking unit at the largest refinery (Motiva) is down for upgrades and expansion, and this will likely add pressure as inventories become backlogged in the immediate term perhaps for the next several weeks. Meanwhile some signs of economic weakness may be brewing as the Federal Reserve Bank prepares to raise interest rates that will adversely affect the domestic and perhaps the global economy. Meanwhile a weaker US Dollar is positive for commodities and exports, the Trump administration is signally that they want a stronger US Dollar which will likely negatively impact commodities such as oil. Meanwhile, we continue to add units of MV Oil Trust (MVO) and physical silver bullion to the portfolio, and this week have added units of Buckeye Partners L.P. (BPL) as well.

 

As always, get out of debt and stay out of debt, accumulate physical silver and gold bullion as "portfolio insurance", and stockpile supplies of long term nonperishable foods and basic necessities to storage. After all, we do "live in interesting times".