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Summary of Weekly Petroleum Data for the Week Ending October 27, 2017

Summary of Weekly Petroleum Data for the Week Ending October 27, 2017
 
 
U.S. crude oil refinery inputs averaged over 16.0 million barrels per day during the week ending October 27, 2017, 10,000 barrels per day less than the previous week’s average. Refineries operated at 88.1% of their operable capacity last week. Gasoline production increased last week, averaging 10.2 million barrels per day. Distillate fuel production increased last week, averaging over 5.0 million barrels per day.
 
U.S. crude oil imports averaged about 7.6 million barrels per day last week, down by 552,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 7.7 million barrels per day, remaining unchanged from the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 540,000 barrels per day. Distillate fuel imports averaged 137,000 barrels per day last week.
 
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.4 million barrels from the previous week. At 454.9 million barrels, U.S. crude oil inventories are in the upper half of the average range for this time of year. Total motor gasoline inventories decreased 4.0 million barrels last week, but are in the middle of the average range. Both finished gasoline inventories and blending components inventories decreased last week. Distillate fuel inventories decreased by 0.3 million barrels last week and are in the lower half of the average range for this time of year. Propane/propylene inventories increased by 0.7 million barrels last week but are in the lower half of the average range. Total commercial petroleum inventories decreased by 5.8 million barrels last week.
 
Total products supplied over the last four-week period averaged over 19.5 million barrels per day, down by 3.4% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged over 9.3 million barrels per day, up by 2.8% from the same period last year. Distillate fuel product supplied averaged 3.7 million barrels per day over the last four weeks, down by 9.3% from the same period last year. Jet fuel product supplied is up 4.0% compared to the same four-week period last year
 
 
Black Blade: This week's EIA Petroleum Inventory Status Report is MODERATELY BULLISH as declines across the board atest. Refinery utilization is nearly back to normal as refiners finish repairs from hurricane damage and the switch to winter blended fuels are nearly done. Demand seems to be coming back stronger than expected as the domestic economy is on the upswing. Today the sentiment is that corporate tax breaks will happen sooner than later and this should be bullish overall. We continue to add DMLP and SJT to the portfolio as well as physical silver bullion (American Silver Eagles). Pretty mild week over all but some interesting news as a couple plays (Eagle Ford and Permian) should be ramping up with some new rigs in coming weeks as operators look to capitalize on the higher oil prices.
 
As always, get out of debt and stay out of debt, accumulate physical silver and gold bullion as "portfolio insurance", and stockpile long term supplies of nonperishable foods and basic necessities in storage. After all, we do "live in interesting times".