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Summary of Weekly Petroleum Data for the Week Ending February 9, 2018

Summary of Weekly Petroleum Data for the Week Ending February 9, 2018 

 

U.S. crude oil refinery inputs averaged about 16.2 million barrels per day during the week ending February 9, 2018, 635,000 barrels per day less than the previous week’s average. Refineries operated at 89.8% of their operable capacity last week. Gasoline production decreased last week, averaging 9.6 million barrels per day. Distillate fuel production decreased last week, averaging over 4.8 million barrels per day. 

 
U.S. crude oil imports averaged 7.9 million barrels per day last week, down by 4,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged about 8.1 million barrels per day, 5.0% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 638,000 barrels per day. Distillate fuel imports averaged 236,000 barrels per day last week. 

 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.8 million barrels from the previous week. At 422.1 million barrels, U.S. crude oil inventories are in the lower half of the average range for this time of year. Total motor gasoline inventories increased by 3.6 million barrels last week, and are in the upper half of the average range. Finished gasoline inventories decreased while blending components inventories increased last week. Distillate fuel inventories decreased by 0.5 million barrels last week and are in the middle of the average range for this time of year. Propane/propylene inventories decreased by 3.3 million barrels last week, and are in the middle of the average range. Total commercial petroleum inventories decreased by 2.7 million barrels last week.  

Total products supplied over the last four-week period averaged 20.7 million barrels per day, up by 6.9% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged 9.0 million barrels per day, up by 6.5% from the same period last year. Distillate fuel product supplied averaged over 4.0 million barrels per day over the last four weeks, up by 6.3% from the same period last year. Jet fuel product supplied is up 3.9% compared to the same four-week period last year.

 

Black Blade: This week's EIA Petroleum Inventory Status Report is NEUTRAL to SLIGHTLY BEARISH as Total Commercial Inventories decreased modestly but refining utilization also declined. Demand appears to have at least temporarily peaked and with stock market indices falling many are wondering if all the economic recovery is real or just a mirage and with higher inflation this could hamper demand going forward as it hits the bottom line. The IEA reports that US production is a threat to over supply the market. Meanwhile, Asia and primarily China are ramping up purchases of oil and LNG. Now that the LOOP has begun to load Super Tankers (2 Million bbl) with more on the horizon we will see the US once again as a major exporter of oil and also NatGas as Sabine Pass shipments of LNG are set to increase. Of course all eyes will be squarely focused on the weekly rig counts going forward as massive numbers of new wells are drilled and completed. Some observers claim that we will peak out production by next year regardless. Time will tell ...

 

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