
EIA Weekly Petroleum Status Report


Tesla Inc. extended losses on Wednesday as it dropped more than 19% following a coronavirus-caused delay of China-made Model 3 delivery. The company had its largest fall on record after it surged nearly 100% since the beginning of the year. Tesla’s equities hit the all-time high on Tuesday, reaching a $968.99 per share valuation. The company’s stocks lost 17.20% at 1:33 pm ET to trade for $735.56 per share.
A worker at a funeral home in Wuhan has reportedly made the disturbing claims – as Chinese authorities have insisted the official death toll remains at just under 500. Chinese crematoriums are working “24/7” as they burn bodies of people killed by the coronavirus in Wuhan, it has been claimed. Workers are reportedly working flat out and without break as they are constantly sent the bodies of victims – it is claimed they have been burning 100 bodies every day since January 28. One insider, who is said to work at a funeral home in Wuhan, has reportedly revealed the long working hours to deal with the surge of coronavirus deaths.Crematorium workers are reportedly working in makeshift protective suits and masks as they handle the bodies. It comes after Chinese-state media issued a decree banning funerals and demanding near instant cremation for victims. Wuhan is epicentre of the outbreak, being the first city in China to be placed under full quarantine. Disturbing accounts and reports have been emerging from the city, leading to speculation that the death toll is being downplayed by the Communist Party. Fears thick ‘death’ smog over Wuhan confirms China is burning coronavirus bodies. The worker said staff are exhausted and are working without proper equipment. Identified only as Mr Yun, he said: “90 percent of our employees are working 24/7 … we couldn’t go back home.” Chillingly, he claimed: “All Wuhan cremation chambers are working 24 hours. He alleged “every day, we need at least 100 body bags” – which is much higher than the official death toll which is only now nearing 500. And the New York Times reports the residents in Wuhan now do not believe the Chinese government’s official death toll. It is claimed people with the symptoms are being turned away by overstretched hospitals. The health care system is reported to be completely overwhelmed, with doctors also having a shortage of testing kits. Chinese authorities are also now threatening to arrest people who spread “unofficial” information about the coronavirus. He said: “We can’t stop because we can’t leave the bodies outside for a long time. “For us who transfer the bodies, we don’t eat or drink for a long time in order to preserve the protective suit, because we need to take off the protective suit whenever we eat, drink, or go to the bathroom. “The protective suit can’t be worn again after being used. And another worker is reported to have said: “All male staff at our funeral home are picking up and moving bodies now, and female staff are answering the phones, disinfecting the funeral home, and so on.“We work 24 hours. We are very tired.” He claimed they do not have the proper equipment to disinfect the facility. They are having to wearing two layers of dipsoable gloves as they don’t have rubber gloves, and are having to wear swim goggles. He said: “We are on the verge of collapsing. We really need help.” Nick Note. I put this story in the near fake news slot. I reported it because it has some credibility……..
YOKOHAMA, Japan – Quarantined for two weeks on a cruise ship ravaged by coronavirus, the Britons on board have only one option: keep calm and carry on. David Abel and his wife Sally are still smiling, for now. Their friends Alan and Wendy Steele are going “stir crazy” trapped in their cabin – although they say they are not worried about catching the deadly illness. Still, this was not how the Steeles planned to spend their honeymoon. Many of the 2,666 passengers and 1,045 crew members on the Diamond Princess are struggling to keep their spirits up, after the luxury liner was quarantined off the Japanese coast Wednesday, with passengers forbidden to leave their cabins. Last Saturday, a man from Hong Kong who had spent five days aboard the ship was confirmed as having contracted coronavirus. On Wednesday, with the ship docked at the port of Yokohama, Japan’s Health Ministry said nine other passengers and one Filipino crew member had tested positive. The nine passengers who tested positive – two Australians, three from Japan, three from Hong Kong, and one American – have been transferred to hospitals, but none is in serious condition, said Japanese Health Minister Katsunobu Kato. They were among 31 people deemed at high risk who were initially examined for the virus, while samples from 242 other people are still being tested. For those left on board, there is nothing to do but sit in their cabins, wait for meals to be delivered, watch television or a choose from a limited selection of movies on demand. Those lucky enough to have a balcony can at least sit in the sun, look at the ocean and talk to their neighbors. Abel said his greatest sympathy is with those confined to the inside cabins. “Can you imagine? It would be liked being locked in a wardrobe, wouldn’t it?” he said. “No fresh air. No natural light. It really must be a living hell for them.” Other passengers tweeting from the ship or talking to Japanese media reflected the anxiety on board. “Still shocked and scared. But better precautions. Have faith in the crews and captain,” tweeted Yardley Wong, who describes herself as a Christian entrepreneur from Hong Kong. Life on board had been winding down on Tuesday as medical staff went through the boat interviewing and testing passengers, with the casino closed and evening’s main entertainment show canceled. But guests still gathered for dinner, and smaller events continued where passengers mingled, hours before the captain ordered all passengers to go to their cabins and stay there. A person with the Twitter handle @daxa_tw and tweeting in Japanese has been posting videos and photos of life on board. “As for myself, I am going to assume that I have already been infected,” he tweeted. In a direct message, he said he feared the number of infected people could grow significantly “because this is a cruise whose main purpose is socializing.” Calls to room service go unanswered as crew members struggle to deliver basic meals. That means passengers cannot get an alcoholic drink. Breakfast for many arrived about 11 a.m. – a problem for Abel, who has diabetes and needs to eat regularly to maintain his blood sugar levels. Passengers had received just one cup of coffee by early afternoon. On orders of Japan’s Health Ministry, they have been told they are not allowed to smoke, a problem for Wendy Steele, a 51-year-old nurse from Wolverhampton in Britain. For lunch, they were sent stale bread with ham, he said, a far cry from the meals that had been offered throughout the cruise.
“We’re basically being treated like we’re prisoners and criminals at the moment; that’s how we feel,” he said. “There’s nothing coming down the tannoy telling us when we’re going to be released onto the ship,” he added, referring to the public address system.
Negin Kamali, a public relations officer for Princess Cruise Lines, which is owned by British-American cruise operator Carnival, said the onboard guest experience team was working on developing “in-cabin activities and entertainment,” adding that the passengers will be allowed to leave the boat after 14 days. Nick Note: It sounds like the Bounty to me. With Captain Blythe, the only thing missing is the bread fruit. I am told their are 2 cruise ships under quarantine and two others being monitored. As you know i hate the flying virus filled test tubes called jetliners. And i have never been in favor of the floating barf barges. ALL have issues with to many damn people in confined spaces with bacteria laden recirculated air..
LONDON (Reuters) – Oil prices jumped by more than 3% on Wednesday on reports that scientists have developed an effective drug against the fast-spreading coronavirus that has weighed heavily on global economic activity.
News that the Organization of the Petroleum Exporting Countries and its producer allies are considering further output cuts to counter a potential squeeze on global oil demand further supported that had collapsed by more than 20% since early January.
China’s Changjiang Daily, the official newspaper of the city of Wuhan where the virus outbreak began, reported on Tuesday that a team of researchers led by Zhejiang University professor Li Lanjuan have found that drugs Abidol and Darunavir can inhibit the virus in vitro cell experiments. Separately, Sky News reported that a British scientist has made a significant breakthrough in the race for a vaccine by reducing part of the normal development time from two to three years to only 14 days.
A vaccine will be too late for the current virus but the breakthrough will be crucial if there is another outbreak, Sky said
Nick Note: The jerk me off stage. Drug companies are not racing for a cure…. They are racing for a multi billion dollar contract to produce BULLSHIT for stupid ass politicians to show they are doing something……..and the even dumber (if Possible) gullible desperate panic stricken public.
Representatives of OPEC and its allies, known as OPEC+, are meeting to discuss possible scenarios for how to respond to ebbing demand from China, the world’s largest oil consumer and the epicentre of the coronavirus outbreak.
Saudi Arabia, the kingpin of Organization of Petroleum Exporting Countries (OPEC), is reportedly pushing for a deep, short-term oil production cut in response to waning demand triggered by the coronavirus outbreak. Fears over how coronavirus could ripple through China and the broader fabric of the global economy hammered oil futures in January which witnessed the biggest monthly crude price drop in 30 years. One option being discussed by OPEC+ could see Saudi Arabia spearhead a collective output cut of 500,000 barrels a day until the crisis has passed, the Wall Street Journal, reported citing OPEC officials, and Reuters News Agency reported, citing two OPEC sources and a third industry source.
Another scenario under consideration could see the kingdom implement a temporary cut of 1 million barrels a day to jar oil prices, cartel sources tell the Wall Street Journal.
The cartel and 10 allied nations led by Russia have yet to agree on how to respond to falling crude demand in China in the wake of the coronavirus outbreak. Saudi Arabia wanted OPEC+ to schedule an emergency meeting of its full delegation, but the meeting this week will only be a technical one to discuss the impact of the outbreak on oil markets and produce recommendations to members, according to the Wall Street Journal. Cartel officials have told the Wall Street Journal that after this week’s meeting, producers will decide whether to hold a Joint Ministerial Monitoring Committee led by Saudi Arabia and Russia, or a later summit of all 23 producers in Vienna. OPEC sources have also told Reuters the group and its allies are also considering holding a ministerial meeting over February 14-15, ahead of a previously scheduled March meeting. As the coronavirus outbreak hit fuel demand in China, refiner Sinopec Corp told its facilities to cut throughput this month by about 600,000 barrels per day (bpd), or 12 percent – the steepest cut in more than a decade. Independent refineries in Shandong province, which collectively import about a fifth of China’s crude, cut output by 30-50 percent over a little more then half. Nick Note: Information i have leads me to believe the Saudis are abut to shock the markets with a 1 million BPD production cut. As you know i have had you short the shit out of oil…. SO JUST DO IT…. and we shall see what we shall see!!! remember i keep promising you that i want to lose as much money as possible… So help me out here!

The American Petroleum Institute (API) Reported a crude inventory build of 4.18 million barrels for the week ending January 31, compared to analyst expectations of a 2.8-million-barrel build in inventory. Last week saw a drop in crude oil inventories of 4.27 million barrels, according to API data. The EIA’s report (which happens often) showed a build of 3.5-million barrels for that week. Oil prices were down yesterday in the afternoon hours, after trending upward earlier in the day on news that OPEC was in talks about what action to take in response to the effects of the coronavirus that have disrupted travel within China and consequently, oil demand. Today Wednesday April Brent crude oil is up $1.64(+2.90%) at $55.39. . Overall, the benchmarks have slid more than $10 since the beginning of the year. The API reported a build of 1.96 million barrels of gasoline for week ending January 31, after last week’s large 3.27-million-barrel build. Distillate inventories were down by 1.78 million barrels for the week, compared to last week’s 141,000 draw, while Cushing inventories rose by 960,000 barrels. US crude oil production as estimated by the Energy Information Administration showed that production for the week ending January 24 stayed at 13.0 million bpd for a third week in a row, a record high for the United States.
A TOP tech analyst has predicted that Apple could be hit hard by the coronavirus outbreak, slashing his estimate for iPhone sales in the first quarter. Ming-Chi Kuo, known by some as the world’s leading Apple expert, said in an investor note that he would be lowering his prediction of Q1 iPhone sales by 10 percent. Kuo, an analyst for TFI Securities, a financial services group in the Asia-Pacific region, now expects the number of first-quarter iPhone sales to stand at between 36 and 40 million – in line with the first quarter of 2019, when Apple reportedly moved 38 million iPhones. Last year, the company stopped reporting unit sales of iPhones. Kuo added that it would be “difficult to predict” second-quarter shipments of iPhones due to the “uncertainties of the coronavirus epidemic and consumer confidence.” The analyst is not changing his earnings estimates on an Apple stock target price, but he did advise investors to “repay attention to the iPhone supply chain after the Coronavirus epidemic becomes stable.” Kuo had identified five potential risks to Apple that could be caused by the coronavirus. These risks included labor shortages and impacts to design schedules caused by travel restrictions. In response to the growing number of cases, the US declared a public health emergency and placed a temporary ban on those who had recently travelled to China.
Last week, insiders warned that the production of the cheap iPhone 9 could be halted until March because of the disease. Nick Note: I want to be crystal clear here. The stock market especially high tech has their heads up their collective asses here. They are way way way UNDERESTIMATING the impact to their bottom line the quarantine and still spreading pandemic in China will cost them. We are talking demand destruction where they get 25% of their business and over 70% of their supply chain manufacturing. And that is at the present state of affairs. Have this continue another 2 months like i believe will happen and their first half earnings will be devastated eventually affecting in a very very negative way their stock market valuations. The record highs of Tesla (doubling in the past month) and the companies that make up the FANG are a SICK joke that in my stupid ass opinion will be reversed. And hopefully in a devastating way… for them not us. That’s why i love trading. You get to put your money where my mouth is,,,,,..,,,.. And if I happen to guess right again we get paid a lot of money…. And you wanna know the really cool part? The biggest financial institutions (worth trillions) in the world chock full of others peoples money and Harvard MBA’s And Wharton Doctoral economists and mathematicians pay us a lot of money when i happen to guess right… And I am a grammar school flunk out…. Who can’t even spell…. Life is wonderful!!
(Reuters) – Companies around the world have warned that a coronavirus outbreak in China could disrupt supply chains or hurt bottom lines as factories and shops shut and airlines suspend flights.
** Apple (AAPL.O) gave a wider-than-usual revenue outlook range for the March quarter to factor in uncertainty. Apple, which has suppliers in Wuhan, the central Chinese city at the heart of the outbreak, said the reopening of some suppliers’ factories outside Wuhan had been moved to Feb. 10 from the end of January.
** Baidu (BIDU.O) postponed the announcement of its fourth-quarter results.
** Carlsberg (CARLb.CO) expects the virus to hurt business, but said it was too early to give an estimate.
** Electrolux (ELUXb.ST) said the epidemic could have a material impact if its Chinese suppliers were further affected and that it was implementing contingency plans.
** Foxconn’s (2317.TW) shipments to customers including Apple could be disrupted if a Chinese factory halt extends into a second week, a source said. Foxconn has halted almost all its production in China, the person said.
** H&M (HMb.ST) said store closures in China – about 45 – hurt sales in January. The company said its flexible supply chain had limited disruptions.
** Jaguar and Land Rover parent Tata Motors (TAMO.NS) expects the outbreak to hamper production in China and hit profits.
** Levi Strauss (LEVI.N) shut about half its stores in China and said it will take a near-term hit.
** LG Display (034220.KS) said it had not closed any factories in China but warned the outbreak increased uncertainty for suppliers.
** McDonald’s (MCD.N), which closed several hundred of its roughly 3,300 outlets in China, said the overall impact on profits would be “fairly small” if the virus stayed contained in China.
** Japanese trading house Mitsui (8031.T) expects manufacturing activities to slow in automobile and other sectors, and possibly reduce steel product demand.
** Pandora (PNDORA.CO) said the virus had led to an “unprecedented” decline in consumer traffic in China and Hong Kong and that it was unable to estimate impact immediately.
** Remy Cointreau (RCOP.PA) warned that a potential impact from the outbreak would be significant because of its big exposure to China.
** Royal Caribbean Cruises (RCL.N), which cancelled three trips of its China-based cruise liner, trimmed its 2020 earnings forecast, adding it would take a further hit if travel restrictions continued until the end of February.
** Samsung Electronics (005930.KS) extended a holiday closure for some factories in line with Chinese government guidance but declined to comment on the impact.
** Samsung affiliate and battery maker Samsung SDI (006400.KS), which counts Volvo (VOLVb.ST) among its customers, warned of a hit to its March-quarter earnings.
** Sony (6758.T), which raised its annual profit outlook, said impact from the virus could offset the revision.
** SK Hynix (000660.KS), which has a chip plant in the eastern Chinese city of Wuxi, said the outbreak had not disrupted production but that could change if the situation was prolonged.
** Starbucks (SBUX.O), which closed more than half its roughly 4,300 stores in China, delayed a planned update to its 2020 forecast and said it expects a material but temporary hit.
** Tesla (TSLA.O) warned a 1-1.5 week delay in the ramping up of production of its Shanghai-built Model 3 cars could slightly hurt March-quarter profit after China ordered a shutdown of the factory. Tesla is also evaluating whether the supply chain for cars built in its California plant will be affected.
** Companies including Apple, Alphabet’s (GOOGL.O) Google and Deere (DE.N) temporarily closed facilities in China.
** Fast Retailing (9983.T) closed about 280 of its 750 Uniqlo stores in China.
** Haidilao (6862.HK) shut restaurants and IKEA closed its stores in China. Burger King (QSR.TO) shut some restaurants.
** Hyundai Motor (005380.KS) said it will suspend production in South Korea due to the coronavirus outbreak disrupting parts supply, becoming the first major automaker to do so outside of China. [L4N2A41I5]
** Swatch (UHR.S) closed five stores in Wuhan, Yum China (YUMC.N) closed some KFC and Pizza Hut stores in the city, Luckin Coffee (LK.O) closed its cafes and AB Inbev (ABI.BR) suspended production at its brewery.
** Toyota Motor (7203.T) shut factories in China through Feb. 9.
** Walt Disney (DIS.N) shut its resorts and theme parks in Shanghai and Hong Kong.
** Hyatt (H.N) and Shangri-La said they will allow travellers from China to cancel hotel bookings for free through Feb. 29.
** InterContinental Hotels (IHG.L) said it would allow customers to cancel for free reservations made for China for specific dates..
** Ctrip, China’s largest online booking platform, said more than 300,000 hotels on its platform had agreed to refunds on bookings between Jan. 22 and Feb. 8.
** Fliggy, Alibaba’s (BABA.N) booking site, offered similar refunds, as did several Chinese and European tour operators.
Trade officials on both sides are likely to drag the Brexit deal past 2020 as contentious issues like tariff reductions and services negotiations will not be resolved so easily, says Deborah Elms, executive director of the Asian Trade Centre. Nick Note: I can prove to you the world is FULL of the dumbest stupid assholes that ever lived and they are in positions of power. I keep telling you their is NO TRADE DEAL….. And get this THEIR WILL BE NO TRADE DEAL. So the sooner the Brits grow a hairy set of balls and tell Europe their historic enemy the Germans ti KISS OFF the better they will be. Pick up the phone and tell Merkil to kiss my bitter tasting ass. Keep the $35 billion in exit fee money. Then offer no taxes for any European company that locates in England. And for some really fun put 100% duty on German cars and Trucks. And call the French and Dutch car and truck markers and ask do you still want access to the biggest market in Europe? them here is how you get 0% duty… Remove all trade barriers or go get fucked with the Germans. With a deal the pound and the British economy will soar! The Brits do not have any negotiators so the pound will get pounded… I can’t wait. For the Germans this is not about trade its punishing the Brits for leaving. When you see things in this light it all makes sense. AND PROOF THEY ARE ALL STUPID!