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Summary of Weekly Petroleum Data for the Week Ending November 3, 2017

Summary of Weekly Petroleum Data for the Week Ending November 3, 2017
 
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U.S. crude oil refinery inputs averaged 16.3 million barrels per day during the week ending November 3, 2017, 290,000 barrels per day more than the previous week’s average. Refineries operated at 89.6% of their operable capacity last week. Gasoline production decreased last week, averaging 10.2 million barrels per day. Distillate fuel production increased last week, averaging 5.2 million barrels per day.
 
U.S. crude oil imports averaged about 7.4 million barrels per day last week, down by 194,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged over 7.6 million barrels per day, 0.6% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 405,000 barrels per day. Distillate fuel imports averaged 86,000 barrels per day last week.   U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.2 million barrels from the previous week. At 457.1 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 3.3 million barrels last week, and are in the lower half of the average range. Finished gasoline inventories increased, but blending components inventories decreased last week. Distillate fuel inventories decreased by 3.4 million barrels last week and are in the lower half of the average range for this time of year. Propane/propylene inventories decreased by 1.1 million barrels last week, and are in the lower half of the average range. Total commercial petroleum inventories decreased by 9.1 million barrels last week.  
 
Total products supplied over the last four-week period averaged over 19.9 million barrels per day, down by 0.8% 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 3.0% from the same period last year. Distillate fuel product supplied averaged 3.9 million barrels per day over the last four weeks, down by 2.9% from the same period last year. Jet fuel product supplied is up 2.6% compared to the same four-week period last year.


Black Blade: This week's EIA Petroleum Inventory Status Report is MODERATELY BULLISH with a modest increase in crude inventory but significant draws for refined products across the board. Refinery utilization nears 90% as refiners recover from Hurricane Harvey and return to near full production. As the US Dollar strengthens it puts pressure on commodities such as petroleum. However, geopolitical events such as the current purges within the Saudi kingdom and the threat of a new Middle East war that threatens to engulf all the major OPEC producers, the price of oil has worked above $57/bbl for WTI. The stronger earnings from over 70% of companies reporting this quarter suggest an economic recovery may be under way which would under normal circumstances lead to strong energy demand. That remains to be seen but the signs look better than they have for a quite some time now. We continue to add San Juan Basin Trust units and physical Silver bullion 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 ling term nonperishable foods and basic necessities. After all, we do "live in interesting times".