Showing posts with label politics. Show all posts
Showing posts with label politics. Show all posts

Saturday, February 24, 2024

This Week in Petroleum Summary February 22nd, 2024 per EIA.GOV

This week's full report

Indicators have aligned to suggest upward movement in consumption.



Pump prices have generally stabilized, but I would suggest an upward movement into the $3.50ish range. Very similar to early spring of last year, imho.


Refinery operation continues to ease off, according to the latest 4 wk average.

Crude inventories rose +3.5M barrels; distillates down -4.0M barrels; gasoline down -293K barrels.

For those interested, the exports of Crude, Petroleum Products, Including Gasoline has far outweighed the imports, by this much, since March, 2022.


I added the distillate/diesel category to reflect the volumes + percentages. Distillates per barrel are where the most profit for refineries lie. The current crack spread is $24.83 per barrel, with $12.91 coming from distillate and $11.91 from gasoline. 

All those numbers are down from previous week.

That's all for now. 

Sunday, February 18, 2024

A Foray into the 2024 Presidential Election, Part X

The polls have altered the landscape, ever so slightly. While there have been several polls, none really changed much, except for Nevada, back on January 11.

The average in Nevada for Republican candidate remained about the same, there was erosion on the Democrat side. As a result, the state is now has a very slight Republican tendency.

As such the EVs are 293(R); 216(D); and 29(TU).

There are 261 days until the election. I will take another break from this spectacle and check things out in a couple of weeks. If no changes, then no commentary. 

Saturday, February 17, 2024

My electricity bills over time (February, 2024 Edition)

Yep, time for the review of electricity consumption... MINE!


The year over year rolling 12 month has seen a decline of -5.8%. HOWEVER... December of 2022 was frigid, at least compared to December of this year. January had the heat running much more, up +10.6% over December.. Right now, February is looking good... so far. 

Wednesday, February 14, 2024

This Week in Petroleum Summary February 14th, 2024 per EIA.GOV

This week's full report

Mixed messages on consumption.



Pump prices are rising, probably towards that $3.50ish level in the next couple of months.


Refinery operation slipped this report.

Crude inventories rose +12.0M barrels; distillates down -1.9M barrels; gasoline down +3.7M barrels.

For those interested, the exports of Crude, Petroleum Products, Including Gasoline has far outweighed the imports, by this much, since March, 2022.


I added the distillate/diesel category to reflect the volumes. Distillates per barrel are where the most profit for refineries lie. The current crack spread is 27.51 per barrel, with $14.97 coming from distillate and $12.55 from gasoline. 

That's all for now. 












Wednesday, February 7, 2024

This Week in Petroleum Summary February 7th, 2024 per EIA.GOV

This week's full report


Pump Prices are drifing in a narrow range, with not much upward pressure... yet! 



Overall...


Crude inventories rose +5.5M barrels; distillates down -3.2M barrels; gasoline down +3.2M barrels.

For those interested, the exports of Crude, Petroleum Products, Including Gasoline has far outweighed the imports, by this much, since March, 2022.


I added distillates (diesel) to the chart. I had read a rather hysterical article about the impending distillate shortage, as distillates were down 5% from 5 year average... yada, yada. 

So yes, distillates are down -5.1% from historical 5 year average, but that five years includes that covid period, where consumption cratered and inventories skyrocketed. 

Discounting that period, the reading is -1.7%. Considering the refiners make more money from diesel than gasoline... I would expect refining operating capacity percent to rise. Given current crude mixes, this should keep gasoline prices in check, even if diesel rises slightly. 

We'll just have to wait and see. 





Wednesday, January 31, 2024

This Week in Petroleum Summary January 31st, 2024 per EIA.GOV

This week's full report


Consumption slightly above year ago, yet down very slightly from last week. Pump Prices are drifting higher.



The pump prices do remain down from this time last year.

The overall...

Crude inventories rose +1.2M barrels; distillates down -2.5M barrels; gasoline up +1.2M barrels.

For those interested, the exports of Crude, Petroleum Products, Including Gasoline has far outweighed the imports, by this much, since March, 2022.


Everything seems to be quiet, even with the news about middle east, Ukraine, etc. I think the energy market has rebalanced.

Wednesday, January 24, 2024

This Week in Petroleum Summary January 24th, 2024 per EIA.GOV

This week's full report


Consumption down, which is likely expected... considering the wide spread winter weather. Additionally, it is possible that refinery operations were impacted as well. It would take a couple more weeks of data to tell the tale.



Prices do seem ready to rise, but still... more data required.

The overall...


Crude inventories fell -9.2M barrels; distillates down -1.4M barrels; gasoline up +4.9M barrels.

For those interested, the exports of Crude, Petroleum Products, Including Gasoline has far outweighed the imports, by this much, since March, 2022.


Not sure of the impact of weather on refining, consumption, etc. Time will tell, imho.

Saturday, January 20, 2024

My electricity bills over time (January, 2024 Edition)

It is January, and the monthly bill has arrived.


The year over year rolling 12 month has seen a decline of -8.5%. HOWEVER... December of 2022 was frigid, at least compared to December of this year. January has gotten the heat running much more. It is keeping up and its not as cold as that December, 2022 period. At least not yet!

Thursday, January 18, 2024

This Week in Petroleum Summary January 18th, 2024 per EIA.GOV

This week's full report.


Rather ho hum, imho. Gasoline onsumption continues in a rather narrow band, with pump prices staying fairly flat. 



The overall...


Crude inventories fell -2.5M barrels; distillates up +2.4M barrels; gasoline up +3.1M barrels.

For those interested, the exports of Crude, Petroleum Products, Including Gasoline has far outweighed the imports, by this much, since March, 2022.


Good news continues, but not sure how long that will last. 

Thursday, January 11, 2024

A Foray into the 2024 Presidential Election, Part IX

I previously posted that unless the EVs changed, I would attempt to avoid posting. They have changed.

The main change was Pennsylvania easing a bit from the (R) candidate. Simply put... the polls indicate a slight edge to DEM, but historically has under-reported REP votes in general elections, by 3%. Even with that latter adjustment, the result falls into the margin of error. 


Possibly some further shifting in weeks ahead, although the next polls might swing in the other direction.

IF the toss-ups are indeed DEM, then the issue would still be another 19 EVs for a DEM victory. That is possible, but quite an uphill battle, imho. However, the voting public can be quite fickle.


This Week in Petroleum Summary January 11th, 2024 per EIA.GOV

This week's full report.


Consumption continues to edge up on a yearly basis, when  adjusting for inventory. Weekly, consumption has slid 2 consecutive weeks, similar to previous years. We'll need to see if seasonal patterns continue in the next couple of weeks... and beyond.


Pricing continues to remain stable...


The overall picture...

Crude inventories increased +1.3M barrels; distillates up +6.5M barrels; gasoline up +8M barrels.

For those interested, the exports of Crude, Petroleum Products, Including Gasoline has far outweighed the imports, by this much, since March, 2022.


Looks like good news, but will it continue?



Friday, January 5, 2024

A Foray into the 2024 Presidential Election, Part VIII

Onward and upward, or something akin to that adage.

As I delve further into the 2024 election process, I should briefly review previous posts, where I alluded to polls being wrong, but consistently wrong in the 2016 and 2020 General Elections. Further review... indicated those tendencies back to the 2000 election. 

Why, I don't know, but gave some ideas. 

It should be noted that evaluation of previous general election polling trends, really did not get reviewed until the party nomination was largely settled. More into Spring until the general election. The assumption of the 2024 nominations being settled, is a bit of fantasy. 

Currently, it would be hard to disagree with the following chart, as to which states are almost certain to fall into one column, which leaves 188 toss-ups. I allowed for Maine and Nebraska, due to split electoral voting system.


Speaking of Maine and Nebraska, it is likely that the single votes in the toss-up column will go blue or red. Thus the R-149 and D-203.

The variance chart...


Texas seems to be in the toss-up column, although not sure why. This is somewhat due to the tendency of polls to slightly understate the democrat votes. Still, the state falls into republican territory quite comfortably. Now it is R-189 and D-203.

Florida is next up and the polls for the state, tend to slightly overstate the democrat support, while understating the republican support. Thus Florida with its 30 EVs moves the needle to R-219 and D-203.

Virginia (13) keeps getting into the toss-up category. It puzzles me as to why, as it will very likely vote the democrat candidate and has a stellar polling v result score, imo. Thus R-219 and D-216.

I will lump Arizona (11) and Georgia (16) together, as they both have been consistently correct in polling matching outcomes. Polls seem to indicate a fairly strong republican tendency, which translates to R-246 and D-216.

Might as well get Wisconsin (10) out of the way. Of all the states with polling discrepancies, compared to results... Wisconsin is very high on the list, with a 6.5 variance, which tends to favor republicans. Polling greatly underestimates republican support and overestimates democrat support, when compared to general election results. Having stated that, the narrow polling margin, which is slightly in favor of Trump, indicates R-256 and D-216.

That leaves 66 electoral votes to decide the election. 

I haven't even gotten to North Carolina (16), which appears almost certain to fall into the R column. Now it is R-272 and D-216.

Now for Michigan (15) and Pennsylvania (19). Two states, which closely follow Wisconsin in under-reporting republican support and overstating democrat support. That both states are indicating a republican advantage, before looking at previous polling errors, it seems appropriate to throw them into the repubican slot. R-306 and D-216.

Nevada you say. Nevada (6) is currently leaning R, but previous history, indicates under-reporting democrat support. Still a slight edge for R, but very slight. Now it is R-306, D-216, and T-6.

Then there is the curious case of Minnesota (10), which has historically been polled with Rs being underestimated, and Ds being overestimated, compared to general election. That polling is currently very narrow, which could possibly be a problem for Dems.

R-306, D-216, and T-16.

There is a lot of time left to change things. Of course, there is always time to change things... until time runs out. 

I will resist the temptation to post frequently, but if those EVs change, then I might jump in.  



Thursday, January 4, 2024

This Week in Petroleum Summary January 4th, 2024 per EIA.GOV

This week's full report.


Consumption slid, although not sure if a downward trend is developing. Last year's data would indicate a downward direction for a couple more weeks. 

Pricing seems to be at a plateau, with very small movements in either direction.

The overall picture...

While crude inventories slipped (-5.5M barrels) from last week, the Gasoline and Distillate inventories rose by 10M barrels each. Even the SPR increased by 1M barrels.

For those interested, the exports of Crude, Petroleum Products, Including Gasoline has far outweighed the imports, by this much, since March, 2022.


All is well, until things become unwell! 

That's my story, and I am sticking to it!







Thursday, December 28, 2023

This Week in Petroleum Summary 12-28-2023, per EIA.GOV

A quick summary of this week's report.


Consumption continues to edge upward, although pump prices seem to be in a narrow range. There does not seem to be an upward bias in these prices, with the potential of -5¢ drop, which includes diesel.


Overall...

For those interested the exports of Crude, Petroleum Products, Including Gasoline has far outweighed the imports, by this much, since March, 2022.


That's a wrap for this week.






This Week in Petroleum Summary May 8th, 2024 per EIA.GOV

This week's  full report . Gasoline fell -2.3¢ for the week, but remains +10.3¢ from year ago level. Consumption did edge up this past r...