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Summary of Weekly Petroleum Data for the Week Ending February 10, 2017

Summary of Weekly Petroleum Data for the Week Ending February 10, 2017


 
U.S. crude oil refinery inputs averaged about 15.5 million barrels per day during the week ending February 10, 2017, 435,000 barrels per day less than the previous week’s average. Refineries operated at 85.4% of their operable capacity last week. Gasoline production decreased last week, averaging about 9.0 million barrels per day. Distillate fuel production decreased last week, averaging over 4.5 million barrels per day.
 
U.S. crude oil imports averaged 8.5 million barrels per day last week, down by 881,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 8.5 million barrels per day, 9.9% above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 604,000 barrels per day. Distillate fuel imports averaged 216,000 barrels per day last week.  

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 9.5 million barrels from the previous week. At 518.1 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year. Total motor gasoline inventories increased by 2.8 million barrels last week, and are above the upper limit of the average range. Both finished gasoline inventories and blending components inventories increased last week. Distillate fuel inventories decreased by 0.7 million barrels last week but are above the upper limit of the average range for this time of year. Propane/propylene inventories fell 2.6 million barrels last week but are in the middle of the average range. Total commercial petroleum inventories increased by 11.1 million barrels last week. 
 
Total products supplied over the last four-week period averaged about 19.4 million barrels per day, down by 2.0% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged over 8.4 million barrels per day, down by 5.3% from the same period last year. Distillate fuel product supplied averaged 3.8 million barrels per day over the last four weeks, up by 7.4% from the same period last year. Jet fuel product supplied is down 3.3% compared to the same four-week period last year. 


Black Blade: This week's EIA Petroleum Inventory Status Report is SIGNIFICANTLY BEARISH as Crude and Total Commercial Petroleum Inventories soared higher (although within expectations per yesterday's API inventory report). All appear to be clinging to hope that the global economy can recover and that President Trump and Congress will pass a Tax Cut Plan to stimulate the domestic US Economy. Should the US economy recover in any meaningful way then of course energy demand will rise. As oil is a fungible commodity however, supply is greatly influenced by global production. Should Saudi continue to not over produce then perhaps prices will stabilize longer term. The Trump administration does appear to consider the US oil and gas sector and energy independence as a National Security issue. We are dabbling in the energy services sector at this time and have our eyes on a few mid-tier producers. That said, we continue to accumulate physical precious metals and hold rental real estate. The portfolio also holds mining and telecom issues.

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