|Summary of Weekly Petroleum Data for the week ending August 30, 2019 .........................................................................|
U.S. crude oil refinery inputs averaged 17.4 million barrels per day during the week ending August 30, 2019, which was 27,000 barrels per day less than the previous week’s average. Refineries operated at 94.8% of their operable capacity last week. Gasoline production decreased last week, averaging 10.3 million barrels per day. Distillate fuel production decreased last week, averaging 5.2 million barrels per day.
U.S. crude oil imports averaged 6.9 million barrels per day last week, up by 976,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.9 million barrels per day, 12.5% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 717,000 barrels per day, and distillate fuel imports averaged 126,000 barrels per day.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.8 million barrels from the previous week. At 423.0 million barrels, U.S. crude oil inventories are at the five year average for this time of year. Total motor gasoline inventories decreased by 2.4 million barrels last week and are about 3% above the five year average for this time of year. Finished gasoline inventories remained virtually unchanged while blending components inventories decreased last week. Distillate fuel inventories decreased by 2.5 million barrels last week and are about 6% below the five year average for this time of year. Propane/propylene inventories increased by 2.9 million barrels last week and are about 14% above the five year average for this time of year. Total commercial petroleum inventories decreased last week by 4.9 million barrels last week.
Total products supplied over the last four-week period averaged 21.7 million barrels per day, up by 1.6% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.7 million barrels per day, up by 0.9% from the same period last year. Distillate fuel product supplied averaged 4.0 million barrels per day over the past four weeks, down by 5.7% from the same period last year. Jet fuel product supplied was up 1.9% 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 and refined product Inventories decreased overall even though refinery utilization fell to just over 94%. Meanwhile, Saudi and other OPEC members continue to hold the line on production as global demand has fallen. There are sure signs of an economic slowdown as the US - China Trade War rages on. However, news that the US and Chinese plan to restart trade negotiations has helped push markets including energy higher. One thing we do know is that Saudi is really hurting and is doing what they can to get oil back over $80/bbl where they expect to break even thanks to social spending programs. It looks like $80 oil is going to wait for a long time yet so life will not improve much in the Kingdom.
As for the "Blade Portfolio" this week we continue to add APTS, BRG, NRZ, USAC and ET to the portfolio this week for income. 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 Crowd Funding ventures FUNDRISE and RICH UNCLES. We traded haven't traded any Crypto Currencies this week as we wait to see what shakes out. Precious metals have been very good for us lately and we continue to use precious metals as our hedge.
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".