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Summary of Weekly Petroleum Data for the Week Ending August 4, 2017

Summary of Weekly Petroleum Data for the Week Ending August 4, 2017

 

 

U.S. crude oil refinery inputs averaged 17.6 million barrels per day during the week ending August 4, 2017, 166,000 barrels per day more than the previous week’s average. Refineries operated at 96.3% of their operable capacity last week. Gasoline production increased slightly last week, averaging 10.3 million barrels per day. Distillate fuel production increased last week, averaging 5.3 million barrels per day.

U.S. crude oil imports averaged about 7.8 million barrels per day last week, down by 491,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged over 8.0 million barrels per day, 4.9% below the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 1.1 million barrels per day. Distillate fuel imports averaged 41,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 6.5 million barrels from the previous week. At 475.4 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 increased by 3.4 million barrels last week, and are in the upper half of the average range. Both finished gasoline inventories and blending components inventories increased last week. Distillate fuel inventories decreased by 1.7 million barrels last week but are in the upper half of the average range for this time of year. Propane/propylene inventories remained unchanged last week and are in the lower half of the average range. Total commercial petroleum inventories decreased by 4.6 million barrels last week.

Total products supplied over the last four-week period averaged over 21.2 million barrels per day, up by 2.3% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged about 9.8 million barrels per day, down by 0.1% from the same period last year. Distillate fuel product supplied averaged over 4.3 million barrels per day over the last four weeks, up by 13.3% from the same period last year. Jet fuel product supplied is up 1.9% compared to the same four-week period last year.

 

 

Black Blade: This week's EIA Petroleum Inventory Status Report is MODERATELY BULLISH as we see draws from inventory including Total Commercial Petroleum Inventories) down by a noticeable amount. Even with SPR selling into the market there are signs that the domestic economy is improving. Perhaps this is due to perception with the new Trump Administration and soaring stock markets or perhaps some actual measurable improvements in the economy driving energy demand. We could see further price gain as sanctions against the Venezuelan dictatorship cut off heavy crude supplies from the south. Meanwhile, Mexican production from Cantarell continues to decline and production growth from Shale in the US appears to be slowing and even starting to contract slightly. We continue to slowly add energy services and a minor position in Sanchez Midstream Partners (SNMP) and Sanchez Energy Corporation (SN), as well as our continued accumulation of physical Silver bullion on a dollar-cost-averaging basis. We continue to watch for new opportunities in rental real estate as we add to our real estate holdings.

 

As always, get out of debt and stay out of debt, accumulate physical Silver and Gold as "portfolio insurance", and stockpile long term nonperishable foods and basic necessities. After all, we do "live in interesting times".