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Summary of Weekly Petroleum Data for the Week Ending January 5, 2018

Summary of Weekly Petroleum Data for the Week Ending January 5, 2018

 

U.S. crude oil refinery inputs averaged 17.3 million barrels per day during the week ending January 5, 2018, 285,000 barrels per day less than the previous week’s average. Refineries operated at 95.3% of their operable capacity last week. Gasoline production decreased last week, averaging 9.5 million barrels per day. Distillate fuel production decreased last week, averaging 5.3 million barrels per day.

 
U.S. crude oil imports averaged about 7.7 million barrels per day last week, down by 308,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 7.9 million barrels per day, 4.3% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 264,000 barrels per day. Distillate fuel imports averaged 175,000 barrels per day last week.
 
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.9 million barrels from the previous week. At 419.5 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 4.1 million barrels last week, and are near the top of the average range. Blending components inventories increased last week while finished gasoline inventories were down slightly. Distillate fuel inventories increased by 4.3 million barrels last week and are in the middle of the average range for this time of year. Propane/propylene inventories decreased by 6.3 million barrels last week, but are in the middle of the average range. Total commercial petroleum inventories decreased by 5.5 million barrels last week.
 

Total products supplied over the last four-week period averaged 20.6 million barrels per day, up by 5.6% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged about 9.1 million barrels per day, up by 2.5% from the same period last year. Distillate fuel product supplied averaged about 3.9 million barrels per day over the last four weeks, up by 6.8% from the same period last year. Jet fuel product supplied is up 13.4% compared to the same four-week period last year.

 

 

Black Blade: This week's EIA Petroleum Inventory Status Report is MODERATELY BULLISH as inventories of crude are modestly lower, Total Commercial Petroleum Inventories are and refining utilization remains over 95%. However, inventories of refined products have surged wiping out much of the crude inventory draw. But then demand is increasing amid signs of a possible economic recovery and therefore energy demand should continue to increase going forward. Meanwhile, Shale Producers are gearing up for another push to produce and get cash flow as prices rise above the critical $60/bbl mark. Many Shale producers are desperate and need the funds to meet bank repayment demands and to finance new wells. Oddly enough, GOM exploration and much other offshore expansion has come to a standstill and even has fallen off the maps as it were. Seems the big boys don't believe the outlook is all that cheery as OPEC-Russia hold back on production even as Venezuelan and Mexican production has almost come to a screeching halt and can't meet domestic demand. Should get interesting. Meanwhile, we have over 74% gains on MV Oil Trust and decent gains on other MLP and Trust holdings as the POO has risen. We continue to add physical silver to the portfolio.

 

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 in storage. After all, we do "live in interesting times".