BlackMask Breaking News

Summary of Weekly Petroleum Data for the week ending December 13, 2024

 

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 0.9 million barrels from the previous week. At 421.0 million barrels, U.S. crude oil inventories are about 6% below the five year average for this time of year.  U.S. crude oil refinery inputs averaged 16.6 million barrels per day during the week ending
December 13, 2024, which was 48 thousand barrels per day less than the previous week’s average. Refineries operated at 91.8% of their operable capacity last week. Gasoline production decreased last week, averaging 9.9 million barrels per day. Distillate fuel production decreased last week, averaging 5.1 million barrels per day. U.S. crude oil imports averaged 6.6 million barrels per day last week, increased by 665 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.5 million barrels per day, 2.1% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 755 thousand barrels per day, and distillate fuel imports averaged 164 thousand barrels per day. Total motor gasoline
inventories increased by 2.3 million barrels from last week and are about 3% below the five year average for this time of year. Finished gasoline inventories decreased while blending
components inventories increased last week. Distillate fuel inventories decreased by 3.2 million barrels last week and are about 7% below the five year average for this time of year. Propane/propylene inventories decreased by 3.0 million barrels from last week and are 7% above
the five year average for this time of year. Total commercial petroleum inventories decreased by 3.2 million barrels last week. Total products supplied over the last four-week period averaged 20.4 million barrels a day, up by 1.3% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.7 million barrels a day, up by 2.1% from the same period last year. Distillate fuel
product supplied averaged 3.8 million barrels a day over the past four weeks, up by 4.8% from, the same period last year. Jet fuel product supplied was up 11.6% compared with the same four week period last year

Crude oil inventories in the United fell by 4.7 million barrels for the week ending December 6, according to The American Petroleum Institute (API). Analysts had expected a draw of 1.85 million barrels. For the week prior, the API reported a 499,000-barrel build in crude inventories. So far this year, crude oil inventories have fallen by roughly 8 million barrels since the beginning of the year, according to API data. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.5 million barrels as of December 13. SPR inventories are now at 393 million barrels, a figure that is about 46 million above its multi-decade low last summer, yet still 242 million down from when President Biden took office.

At 4:44 am ET, Brent crude was at $73.31.  The U.S. benchmark WTI was trading at $70.61 not a very big move. With volume low because of the pending holidays its hard to get a read on the short term trend

Gasoline inventories rose this week by 2.4 million barrels after last week’s 2.852-million-barrel increase. As of last week, gasoline inventories are 4% below the five-year average for this time of year, according to the latest EIA data. Distillate inventories rose by 700,000 barrels, after last week’s 2.452-million-barrel increase. Distillate inventories were about 4% below the five-year average as of the week ending December 6, the latest EIA data shows. Cushing inventories—the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma—rose by 800,000 barrels, according to API data, after falling by 1.517 million barrels in the previous week.

Israel’s Foreign Ministry accused Turkey on Tuesday of backing “jihadist forces that operate in Syria” while rejecting the Turkish Foreign Ministry’s previous statements regarding Israeli involvement in the war-torn country. “Turkey has systematically encroached on Syrian territory, a process that began with military operations in 2016, 2018, and 2019, and continues to this day,” the ministry wrote in a statement on X. It also blasted Ankara for using its proxies to occupy Syrian territory. “The last country that can speak about occupation in Syria is Turkey, with 15% of Syria’s territory under the control of proxies operating under its patronage. There is no justification for the continuation of Turkish aggression and violence against Kurds in Syria,” the statement concluded. NN: Every time the Islamic savages have gone to war with Israel Jew bastards they have gotten their Mohammed asses kicked lost land and begged the UN to bail them out. Like my grandmother use to say the Jews are GODS chosen people. The only question is what are they chosen for?

Israeli Defense Minister Israel Katz stated on Tuesday that following Hamas’ defeat, Israel intends to maintain “security control” over the Gaza Strip, ensuring “full freedom of action” in the territory. “We will not allow any terrorist organization against Israeli communities and Israeli citizens from Gaza. We will not allow a return to the reality before October 7th,” Katz wrote in a post on X. The defense minister previously noted that an agreement between Israel and Hamas is “possible” which could include the release of all the hostages from the Palestinian enclave.

The United States Central Command (CENTCOM) stated on Monday that it eliminated 12 “ISIS terrorists” in airstrikes conducted in Syria, which targeted “known ISIS camps and operatives.” “The strikes against the ISIS leaders, operatives, and camps were conducted as part of the ongoing mission to disrupt, degrade, and defeat ISIS, preventing the terrorist group from conducting external operations and to ensure that ISIS does not seek opportunities to reconstitute in central Syria,” CENTCOM said in a post on X, adding that there were no initial reports of casualties among civilians. The statement also noted that the airstrikes were conducted in “former Regime and Russian controlled areas” in Syria. Last Friday, United States Secretary of State Antony Blinken said that the US and Iraq are “determined” to prevent the resurgence of ISIS in Syria, following the toppling of former Syrian President Bashar al-Assad’s regime.

The Syrian Observatory for Human Rights (SOHR) said on Sunday that the Israeli military carried out a series of airstrikes in Syria, including near Damascus, Homs and Hama. The United Kingdom-based monitor said Israel launched 61 missiles, bringing the total number of strikes since the fall of Syrian President Bashar al-Assad to 446. Israel maintains the strikes are aimed at destroying military facilities and equipment belonging to Assad’s army or Iran to stop “extremists” from using it.

Hezbollah lost Syria supply route after Assad’s fall, chief says

Hezbollah’s Secretary General Naim Qassem stated on Saturday that the militant group lost its supply route through Syria following the collapse of President Bashar al-Assad and added that it would now seek alternative routes. “We hope that this new party in power will see Israel as an enemy and not normalize relations with it,” Qassem said in his first address since the rebel group in Syria toppled Assad’s regime, warning that Syria is facing a “dangerous expansionist enemy” following Israel’s capture of a buffer zone in the occupied Golan Heights.

Mohammad Eslami, head of the Atomic Energy Organization of Iran, stated on Saturday that Tehran will not restrict the International Atomic Energy Agency (IAEA) from accessing and inspecting its nuclear sites. “We operate within the framework of safeguards, and the agency also acts according to regulations—no more, no less,” Iranian media quoted Eslami as saying. “When you engage in nuclear activities involving nuclear materials, scaling up operations naturally requires scaling up the level of inspections. This is normal,” he added. IAEA Director General Rafael Grossi recently reveal that Iran has consented to limit its uranium enrichment to 60%. In October, the agency reported that Iran’s stockpile of uranium enriched to this level had reached 182.3 kilograms, bringing it closer to the amount necessary to develop a nuclear weapon.

Iran FM: Window for nuclear diplomacy still open

Iranian Foreign Minister Abbas Araghchi said the window for nuclear diplomacy with the West is still open, “provided that there is a real will on the other side.” He said Iran is “fully prepared” for negotiations but that there is limited time for talks. His comments followed International Atomic Energy Agency (IAEA) Director General Rafael Grossi’s visit to Iran earlier this week. Araghchi conceded that the Joint Comprehensive Plan of Action (JCPOA), also known as the Iran nuclear deal, “cannot be revived in its existing form” but he said it can be used “as a reference and source, and we should definitely enter into negotiations to reach a possible agreement.” He added that Iran will adhere to the Non-Proliferation Treaty (NPT) and that it has “no problem” with cooperating with the IAEA if the agency is not “confrontational” toward Tehran.

Trump team eyes preemptive strikes on Islamic Republic’s nuclear sites

Ahead of his January 20 inauguration, President-elect Donald Trump is evaluating the possibility of preemptive strikes on Iran to stop its growing nuclear program, according to a Friday morning Wall Street Journal report. According to the WSJ, this move would mark a significant change from previously established US policy on diplomacy and sanctions when dealing with Tehran. The report outlines the Trump team’s evaluation of potential attacks on nuclear sites, indicating that members of the president-elect’s transition team are exploring this option. The same team is reportedly reviewing the aftermath of the fall of the Assad regime, determining the possibility of American forces in the region.

Transition team officials stated that the collapse of the Iranian axis and the sharp rise in enriched uranium pose significant risks and prompt critical questions about what factors could drive Iran’s rapid advancement, the WSJ added.

Two sources familiar with the matter told Reuters that Trump told Prime Minister Benjamin Netanyahu that he was concerned about Iran possibly going nuclear during his term and signaled that his team was examining military action that could prevent that. Trump would like to avoid the breakout of an additional war, particularly involving US forces. The report noted that launching an attack on Iran’s nuclear sites could put the US and Iran at risk of formal escalation.

nn blaskmask pod cast:

crippled  iran may go nuke… Trump has a plan

The Israel Defense Forces (IDF) said Friday that despite the ongoing ceasefire, its 769th Brigade discovered a significant weapons cache, allegedly owned by Hezbollah, including Kornet missile launchers, AK-47 rifles, and anti-tank missiles hidden in mountainous terrain in southern Lebanon. The military said it continues targeting Hezbollah terror sites near the Israeli border. In addition, it also found a launch site used by Hezbollah to attack Israeli communities in the Upper Galilee. In another operation, RPG missiles and mortar shells were seized. The ceasefire reached by Hezbollah and Israel has been tense as it seems Israel is looking for justifications to continue carrying on military practices in the area.