This week, the crude supply fell, but because gasoline supply was high, we fail. Umm, OK. Before any of my teeming millions get suckered into that bet, anyone care to take notice that gasoline imports at 834,000 b/d were at the highest we’ve seen since November. Let’s see how that new math thing works. 834,000 x 7 days and we come up with solid 5.8mm barrels of overhang. That means that if imports were closer to the 2017 average (546,000) we would have run into a pretty big shortfall and all the while we were running refineries at 16.9mm b/d. Which I have to interject, that’s a whopping 1.7mm b/d higher than the low we made some 8 weeks ago. Yes, that’s a record rise in refinery runs over that short of time.
While were busy blowing up minds more than seeing Richard Simmons in public, we’re on to some hot topics here on the import/export business of oil. It’s so interesting that we’re ready to call George Constanza and see if there are any openings at Vandalay Industries. Let’s start with those imports that we just mentioned. So far, this year we’re averaging overall oil imports at a pace of 10.3mm b/d. If we were to jump into the Hot Tub Time Machine and roll back to 2008, that number was a stout 13.2mm b/d. It just gives more credence to the fact that America has made a big leap to oil independence these past few years. What worries me though is that gasoline has been rebelling against this trend. This >800,000 b/d of gas imports is the earliest in the year that we’ve posted since 2013.