{"id":4673,"date":"2019-01-21T11:54:23","date_gmt":"2019-01-21T16:54:23","guid":{"rendered":"https:\/\/www.fundamentalanalytics.com\/?p=4673"},"modified":"2019-01-21T11:54:24","modified_gmt":"2019-01-21T16:54:24","slug":"doe-insights-january-16-2019","status":"publish","type":"post","link":"https:\/\/www.fundamentalanalytics.com\/ar\/doe-insights-january-16-2019\/","title":{"rendered":"DOE Insights January 16, 2019"},"content":{"rendered":"

Our weekly commentaries and updates will remain free until April 2019. Effective April 2019, a subscription will be required in order to receive them. Of course, clients of Fundamental Analytics and BlackSummit Financial Group will continue receiving our weekly content for free.<\/em><\/strong><\/p>\n\n\n\n

DOE Insights January 16, 2019<\/strong><\/p>\n\n\n\n

Crude Oil<\/strong><\/p>\n\n\n\n

Crude Oil Stocks Draw, Greater than Expectations<\/strong><\/p>\n\n\n\n

The DOE reported Total Crude Oil Inventories decreased by 2.7 million barrels to 437.1 million barrels for the week ending January 11, 2019, while expectations average was for a 1.3 million barrel decrease.
Overall hydrocarbon supplies increased by 5.0 million barrels to 1,260 million barrels.<\/p>\n\n\n\n

Crude Oil Production increased by 200,000 barrels per day to 11.9 million barrels per day, a new record.<\/p>\n\n\n\n

Total Crude Imports were down 300,000 barrels per day to 7.5 million barrels per day.<\/p>\n\n\n\n

Total Refinery Crude Runs were down 300,000 barrels per day to 17.22 million barrels per day.<\/p>\n\n\n\n

While the DOE report could be considered bullish for crude oil prices, as the stocks draw was greater than expected, the new record high of crude oil production at 11.9 million barrels per day probably weighed on oil prices. Prices traded in a relatively narrow range and ended the trading day slightly up.\u00a0<\/p>\n\n\n\n

According to the latest DOE Short Term Energy Outlook (STEO)<\/g> crude production is expected to increase to more than 12 million barrels per day this year and the US will become a net crude exporter by late 2020.\u00a0\u00a0 Without continuing<\/g> output cuts by OPEC and Russia US exports will put downward pressure on prices.<\/p>\n\n\n\n

We would be happy to discuss this commentary with you and provide additional market insights.\u00a0Feel free to call us at 312-348-7518 or email us at\u00a0joel.fingerman@fundamentalanalytics.com.\u00a0<\/p>\n\n\n\n

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Gasoline<\/strong><\/p>\n\n\n\n

Gasoline Stocks Build, Much Greater than Expectations<\/strong><\/p>\n\n\n\n

Total MotorGasoline<\/g> Inventories increased by 7.5 million barrels to 255.6 million barrels for the week ending January 11, 2019.\u00a0 The expectations average was for a 2.8 million barrel increase.<\/p>\n\n\n\n

Implied Demand was down by 450,000 barrels per day to 8.89 million barrels per day.\u00a0<\/p>\n\n\n\n

Gasoline Production was up by 190,000 barrels per day to 9.58 million barrels per day.<\/p>\n\n\n\n

The DOE report was again very bearish to gasoline prices.\u00a0 And gasoline prices did drop for 30 minutes after the report release but then rallied for the rest of the day,\u00a0ending basically unchanged.<\/p>\n\n\n\n

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Distillates<\/strong><\/p>\n\n\n\n

Distillates Stocks Build, Greater than Expectations.<\/strong><\/p>\n\n\n\n

Total Distillates Stocks increased by 3.0 million barrels to 143.0 million barrels for the week ending January 11, 2019, while expectations average was for a 1.6 million barrel build.<\/p>\n\n\n\n

Total Distillates Production was down 150,000 barrels per day to 5.41 million barrels per day.<\/p>\n\n\n\n

Total Distillates Implied Demand was up by 1.06 million barrels per day to 5.37 million barrels per day.<\/p>\n\n\n\n

The DOE report was again bearish to distillates prices. And like gasoline prices, heating oil prices did drop for 30 minutes after the report release but then rallied for the rest of the day, ending up about 2 cents.<\/p>\n\n\n\n

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For further information contact\u00a0joel.fingerman@fundamentalanalytics.com<\/p>","protected":false},"excerpt":{"rendered":"

Our weekly commentaries and updates will remain free until April 2019. Effective April 2019, a subscription will be required in order to receive them. Of course, clients of Fundamental Analytics and BlackSummit Financial Group will continue receiving our weekly content for free. DOE Insights January 16, 2019 Crude Oil Crude Oil Stocks Draw, Greater than […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4673","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/posts\/4673","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/comments?post=4673"}],"version-history":[{"count":1,"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/posts\/4673\/revisions"}],"predecessor-version":[{"id":4689,"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/posts\/4673\/revisions\/4689"}],"wp:attachment":[{"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/media?parent=4673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/categories?post=4673"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/tags?post=4673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}