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Title : US Crude Oil Inventories Increase By A Whopping 7.0 Million Bbls -- April 10, 2019
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US Crude Oil Inventories Increase By A Whopping 7.0 Million Bbls -- April 10, 2019

EIA's weekly petroleum report, link here:

• US crude oil inventories up a whopping 7.0 million bbls
• LOL -- at 456.5 million bbls, the US crude oil inventories are at the five year average -- going unreported is that that the 5-year average now includes the Saudi $1 trillion mistake / Saudi surge of 2014 - 2016
• at 456.5 million bbls, largest inventory in 20 weeks
• but look at this: total motor gasoline inventories decreased by 7.7 million bbls just as the US starts to enter its annual driving season; it can all be traced back to the Obama policies; not enough heavy oil to counter al that light oil, and, there are some refineries "down" due to "unexpected" maintenance; gasoline will get expensive;
• refineries operating at 87.5% capacity; at the far low end of the continuum
• crude oil imports are 15.5% less than the same four-week period last year -- this is not trivial; if that is mostly heavy oil, it's a problem for refiners
• everything else is white noise

WTI after the report: up 24 cents, at $64.22. Not sure how this is being calculated; at the start of the day, WTI was $64.43 -- both from the same source (oilprice)

Week	Week Ending	Change	Million Bbls Storage
Week 0	November 21, 2018	4.9	446.9
Week 1	November 28, 2018	3.6	450.5
Week 2	December 6, 2018	-7.3	443.2
Week 3	December 12, 2018	-1.2	442.0
Week 4	December 19, 2018	-0.5	441.5
Week 5	December 28, 2018	0.0	441.4
Week 6	January 4, 2019	0.0	441.4
Week 7	January 9, 2019	-1.7	439.7
Week 8	January 16, 2019	-2.7	437.1
Week 9	January 24, 2019	8.0	445.0
Week 10	January 31, 2019	0.9	445.9
Week 11	February 6, 2019	1.3	447.2
Week 12	February 13, 2019	3.6	450.8
Week 13	February 21, 2019	3.7	454.8
Week 14	February 27, 2019	-8.6	445.9
Week 15	March 6, 2019	7.1	452.9
Week 16	March 13, 2019	-3.9	449.1
Week 17	March 20, 2019	-9.6	439.5
Week 18	March 27, 2019	2.8	442.3
Week 19	April 3, 2019	7.2	449.5
Week 20	April 10, 2019	7.0	456.5

Note: in the graphic above, for the past 20 weeks, the current inventory of 456.5 million bbls is the largest inventory reported. 

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