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Title : Put Your Headline Here -- October 3, 2018
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Put Your Headline Here -- October 3, 2018

Weekly EIA petroleum report: link here.

• wow! US crude oil inventories increased by most I have seen in the two years I have followed
• US crude oil inventories up a whopping 8.0 million bbls
• refiners are operating at 90.4% of their operable capacity
• crude oil imports keep increasing; up 10.2% more than the same four-week period one year ago
• WTI up almost 1%; OPEC up over 2% but let's see what WTI/OPEC basket does by the end of the day
• at 404.0 million bbls, US crude oil inventories at five-year average; my threshold is 400 million bbls; the five-year average includes the Saud Surge, 2014 - 2016
• gasoline? awash in gasoline -- inventories decreased by half a million bbls, but gasoline inventories still 7% above five-year average for this time of year
• gasoline and distillate production right on target: 10.0 and 5.0 respectively
• 30-second speech: refiners at 90% capacity (autumn maintenance; switch over to winter grades) simply means that inventory built up; once we get to 97% capacity, the inventories will start to drop
• this happened back in March -- same thing -- spring maintenance; switch over to summer blends
• by the way, Cushing inventories were getting so low, some thought some tanks would bottom out (previously posted)

Bottom line: not to worry:

• NOG: up almost 3%
• OAS: up half a percent
  JAG: up 1.6%
• COP: flat to slightly negative
  CVX: up 0.4%
• RDS-B: up 0.3%
• ENB: up 1.23%
• EPD: up 0.7%

What others are saying:

Turkey: imploding. Inflation rate -- 25% -- today's report. Erdogan has a plan. Raid companies who increase prices.

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