Summary of Weekly Petroleum Data for the week ending November 15, 2019 .....................................................
U.S. crude oil refinery inputs averaged 16.4 million barrels per day during the week ending November 15, 2019, which was 519,000 barrels per day more than the previous week’s average. Refineries operated at 89.5% of their operable capacity last week. Gasoline production decreased last week, averaging 10.1 million barrels per day. Distillate fuel production increased last week, averaging 5.1 million barrels per day.
U.S. crude oil imports averaged 6.0 million barrels per day last week, up by 222,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.1 million barrels per day, 18.0% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 515,000 barrels per day, and distillate fuel imports averaged 315,000 barrels per day.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.4 million barrels from the previous week. At 450.4 million barrels, U.S. crude oil inventories are about 3% above the five year average for this time of year. Total motor gasoline inventories increased by 1.8 million barrels last week and are about 2% above the five year average for this time of year. Finished gasoline inventories decreased while blending components inventories increased last week. Distillate fuel inventories decreased by 1.0 million barrels last week and are about 11% below the five year average for this time of year. Propane/propylene inventories decreased by 3.4 million barrels last week and are about 6% above the five year average for this time of year. Total commercial petroleum inventories decreased last week by 5.0 million barrels last week.
Total products supplied over the last four-week period averaged 21.4 million barrels per day, up by 0.5% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.4 million barrels per day, up by 1.9% from the same period last year. Distillate fuel product supplied averaged 4.4 million barrels per day over the past four weeks, down by 1.3% from the same period last year. Jet fuel product supplied was virtually unchanged compared with the same four-week period last year.
Black Blade (a.k.a. Dennis Erectus):
This week's EIA Petroleum Inventory Status Report is MODERATELY BULLISH as Crude Inventories increased though more than enough offset by a significant decrease in Total Commercial Petroleum Inventories and with refinery utilization rising to just over 89.5%. Meanwhile, rig counts continue to decline falling another 11 rigs last week. The major issue for traders are reports that the "on again, off again" trade talks with China are now "off again". Seems that the Chinese government did not take kindly to the Senate's legislation that was passed which is essentially a proclamation to support the Hong Kong protesters. Now if President trump signs this into law then the Chinese will really be pissed.
As for the "Blade Portfolio" this week we added to our positions in GEO, CELP, ET, OXY, RDS.B and ET to the portfolio. We also continue to add to our base and precious metals miners CMCL, GORO, AUY, BTG, WPM, RIO and SBGL as a hedge to adverse economic and geopolitical events. We also continue to add physical American Silver Eagles with our "dollar-cost-averaging" strategy. We also continue to add to our eREIT sector through the real estate Crowd Funding venture FUNDRISE. We also continue add relatively low cost bulk food storage and basic goods. We maintain a "zero debt" profile and remain committed to being "debt-free".
As always, get out of debt and stay out of debt, accumulate physical Silver and Gold bullion as "portfolio insurance", and stockpile supplies of long term nonperishable foods and basic necessities into storage. After all we do "live in interesting times". |
