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API numbers have been wildly swinging – more than normal. What stood out to be me the Cushing last week -2500 this week +2500. All to do with futures expiration or more to it?
IMO the obsession of the API and EIA releases despite the fallibility of them is nothing more to then to keep the show going – even better when they differ as you clean both sides of the boat – more fees etc etc
Reminds me of boxing with all the different organisations – WBC. WBA, WBO etc – create a false picture for more units to pass through.
[quote=”Helmholtz Watson” post=538]IMO the obsession of the API and EIA releases despite the fallibility of them is nothing more to then to keep the show going – even better when they differ as you clean both sides of the boat – more fees etc etc
Reminds me of boxing with all the different organisations – WBC. WBA, WBO etc – create a false picture for more units to pass through.[/quote]
Great analogy – and the traders are the mug punters – now with shale suddenly the go-to man and the oil world as much as old school and OPEC want to deny when they get it that would be a f**king laugh beyond all imagination.
Summary of Weekly Petroleum Data for the Week Ending July 28, 2017
U.S. crude oil refinery inputs averaged 17.4 million barrels per day during the week
ending July 28, 2017, 123,000 barrels per day more than the previous week’s average.
Refineries operated at 95.4% of their operable capacity last week. Gasoline production
decreased last week, averaging 10.3 million barrels per day. Distillate fuel production
increased last week, averaging over 5.2 million barrels per day.
U.S. crude oil imports averaged about 8.3 million barrels per day last week, up by
209,000 barrels per day from the previous week. Over the last four weeks, crude oil
imports averaged about 8.0 million barrels per day, 3.8% below the same four-week
period last year. Total motor gasoline imports (including both finished gasoline and
gasoline blending components) last week averaged 549,000 barrels per day. Distillate
fuel imports averaged 108,000 barrels per day last week.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum
Reserve) decreased by 1.5 million barrels from the previous week. At 481.9 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 by 2.5 million barrels last week, but
are in the upper half of the average range. Both finished gasoline inventories and
blending components inventories decreased last week. Distillate fuel inventories
decreased by 0.2 million barrels last week but are in the upper half of the average range
for this time of year. Propane/propylene inventories increased by 1.7 million barrels last
week but are in the lower half of the average range. Total commercial petroleum
inventories increased by 1.1 million barrels last week.
Total products supplied over the last four-week period averaged about 20.8 million
barrels per day, up by 1.4% from the same period last year. Over the last four weeks,
motor gasoline product supplied averaged about 9.8 million barrels per day, up by 0.1%
from the same period last year. Distillate fuel product supplied averaged about 4.2
million barrels per day over the last four weeks, up by 14.5% from the same period last
year. Jet fuel product supplied is up 5.8% compared to the same four-week period last
year.[quote=”Helmholtz Watson” post=556]Another outstanding effort form API – were they close on anything?[/quote]
Heck no – I think your theory may not be so fetched. The Cushing number is mind boggling that was the one consistency
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