Clm, Anlıns, Com, Cru, Dıstll, Drv, Ener, Enff, Eng, Enr, Hoıl, Inds, Inds08, Intag, Jet, Mog, Ngs, Nrg, Oılg, Opec, Ostr, Prod, Ref, Refı, Shl, Tnkr, Tpt, Tran, Trnspt, Ceeu, Easıa, Amers, Swasıa, Namere, Europ, Sa, Meast, Ru, Tglf, Nasıa, Namer, Asxpac, Cısc, Padd3, Emrg, Cn, Asıa, Amerse

Clm, Anlıns

Column: U.S. petroleum stockpiles normalise after pandemic surge: Kemp

Column: U.S. petroleum stockpiles normalise after pandemic surge: Kemp

5/6/2021 10:45:00 PM

Column: U.S. petroleum stockpiles normalise after pandemic surge: Kemp

U.S. petroleum inventories have returned to normal after ballooning during the Saudi-Russian volume war and first wave of the coronavirus epidemic last year.

Small remaining surpluses to the five-year average in both crude (7 million barrels) and products (11 million barrels) were not significant given the historic volatility in both time series.Surpluses in crude (75 million barrels) and products (101 million barrels) have shrunk since peaking at the end of June last year (“Weekly petroleum status report”, U.S. Energy Information Administration, May 5).

Texas State Rep.: ‘We need to find a federal solution’ to voter suppression Trump's legal woes skyrocket: Key Trump Org money man could face charges this summer Storm Blows Away the Judges on 'America's Got Talent': Watch

Excess stocks have been absorbed as a result of lower production by OPEC+ and U.S. shale firms, and the recovery in oil consumption.In consequence, Brent spot prices are now trading at or slightly above their long-term average in real terms reflecting the rebalancing of the market.

And Brent’s six-month calendar spread has moved into a significant backwardation, well above its long-term average, as traders anticipate stocks will move through balance to below normal in the second half of the year.On the U.S. Gulf Coast, the major refining hub and centre for seaborne oil pricing in North America, commercial crude stocks are still roughly 14 million barrels, or 5%, above the pre-epidemic five-year average. headtopics.com

But the regional surplus has shrunk from 76 million barrels or 33% in early July and the increase compared with the five-year average is below the trend in recent years.Gulf Coast refineries and storage terminals are connected to the Brent market so the emptying of local tank farms has boosted spot prices and calendar spreads.

The reduction of petroleum inventories in the United States is part of a broader normalisation across all OECD countries (https://tmsnrt.rs/2RwdMPc).If there are still excess stocks after last year’s bloat, they are in non-OECD countries, especially China, where they are unlikely to be available to the market and have a limited impact on prices.

Thirteen months after the worst overproduction crisis in the oil industry’s history, the market has largely returned to normal, much faster than many analysts predicted at the time, but in line with previous boom-bust cycles.The critical exception is the market for jet fuel, where continued restrictions on international passenger aviation continue to depress global oil consumption by several million barrels per day.

Final normalisation, including a return to pre-epidemic production by OPEC+ and U.S. shale producers, depends on the timing and scale of a return to passenger flying. Read more: Reuters Top News »

Co-workers become 'kidney sisters' after saving each other’s husbands

'Our story is a story of kindness.'

Column: Stop fretting about 'herd immunity' — we're close, if not already there'Respected immunologists say the concept of herd immunity is widely misunderstood — and in fact the conditions for its attainment in the U.S. may be close or already have been reached.' From columnist hiltzikm: hiltzikm 💉👀

Lin Wood says Brian Kemp to be arrested, doubles down on Georgia vote fraud conspiracyFar-right, QAnon lawyer, election conspiracist and Trump loyalist Lin Wood appeared in a video on social media naming four top elected Georgia officials he believes will end up 'in handcuffs.' , you really shouldn't be regurgitating the ramblings of a mentally unstable person. Dear Newsweek, Why do you publish these terrible articles? Thank you, America Who listens to him

Why A World Without the Golden Globes Isn’t a Bad World At All (Column)A world without the Globes. How will we ever survive such a place? Don’t worry. I suspect we’ll get along just fine, if not better. Long overdue for accountability, the HFPA’s awa… If they have a recognizable viewpoint, whatever you think of it, that adds diversity. Of thought. America, at least, used to care about that. A world without self-congratulating celebrities would be great.

Column: That 'infrastructure' fee on some internet bills is just a stealth rate hike'This is yet another example of businesses advertising one price and then tacking on extra charges after you sign up for service or make a purchase — a classic bait and switch.' Columnist Davidlaz explains:

Column: Hurting transgender kids to shore up the Republican baseThe new flood of anti-trans bills around the nation is a coordinated attack on the LGBTQ community. opinion The cruelty is the point. opinion Guess what! I’m gay and married in the Bible. I know you’re loved!