|Summary of Weekly Petroleum Data for the week ending June 14, 2019|
U.S. crude oil refinery inputs averaged 17.3 million barrels per day during the week ending June 14, 2019, which was 200,000 barrels per day more than the previous week’s average. Refineries operated at 93.9% of their operable capacity last week. Gasoline production increased last week, averaging 10.4 million barrels per day. Distillate fuel production increased last week, averaging 5.4 million barrels per day.
U.S. crude oil imports averaged 7.5 million barrels per day last week, down by 144,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 7.5 million barrels per day, 7.6% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 837,000 barrels per day, and distillate fuel imports averaged 165,000 barrels per day.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.1 million barrels from the previous week. At 482.4 million barrels, U.S. crude oil inventories are about 7% above the five year average for this time of year. Total motor gasoline inventories decreased by 1.7 million barrels last week and are about 1% above the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week. Distillate fuel inventories decreased by 0.6 million barrels last week and are about 5% below the five year average for this time of year. Propane/propylene inventories increased by 3.3 million barrels last week and are about 16% above the five year average for this time of year. Total commercial petroleum inventories decreased last week by 0.4 million barrels last week.
Total products supplied over the last four-week period averaged 20.7 million barrels per day, up by 1.8% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.7 million barrels per day, up by 2.0% from the same period last year. Distillate fuel product supplied averaged 4.0 million barrels per day over the past four weeks, up by 0.3% from the same period last year. Jet fuel product supplied was up 5.1% 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 SLIGHTLY BULLISH as crude and Total Commercial Petroleum Inventories declined overall. Refinery utilization remains slightly to over 93% while imports of crude Ddeclined slightly. With the traditional "summer driving season" upon us it appears that the usual transportation fuel demand just isn't developing this year. It could be bother nervous consumers and businesses looking to save and watch to see what develops. One side of the political aisle looks and hopes for economic strength to grow while the other side prays, hopes and wishes that the economy would slip into a deep recession in order to retake the White House. Consumers and Businesses are caught in the cross-fire and just want to get as prepared as possible just in case the worst happens. Meanwhile, it appears that the Trade War with China could be cooling off as both the United States and China lose although the US has made it's case in regard to the theft of intellectual property and other grievances. The most interesting and perhaps the most likely disruption to oil supply is that the sanctions on Iran tighten after a few attacks against global tanker traffic in the Straights of Hormuz. This could escalate as the noose tightens around the Mullahs necks in Tehran and the Iranian people look for change and freedom.
As for the "Blade Portfolio" this week we continued to add ET, OXCL, WPG, WSR, T and VZ to the portfolio this week for income. We also began to add residential REITs like APTS and BRG to the portfolio for both income and growth. We also continue to add physical American Silver Eagles with our "dollar-cost-averaging" strategy. We also added, sold and bought and sold and bought Etherium Classic (ETC), Litecoin (ltc) and Ripple (XRP) adding more gains to our Coinbase and Robinhood accounts.
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".