US Crude Prod unchanged at 11.9mil BBL/Day, US Total Crude Inv declined 5.2mil BBL(working inv rose 2mil BBL & SPR declined 7.3mil BBL), US Crude Imports rose 1.7mil BBL/Day(11.9mil BBL/Week, Fudge factor of -0.184mil BBL/Day(1.29mil BBL/Week)
All Refined Prod Inv fell with US Gasoline Inv declining 0.7mil BBL as even as US Exports of Refined Products declined. Some rise I Jet Fuel production vs a decline in Diesel Fuel production
US continues to import crude for Domestic consumption and refined product exports. Refining rose a little but it appears SPR releases and imports are keeping domestic crude production flat. Government policies continue to weigh heavily on domestic fossil fuel industry.
Todd Sullivan is a Massachusetts-based value investor and a General Partner in Rand Strategic Partners. He looks for investments he believes are selling for a discount to their intrinsic value given their current situation and future prospects. He holds them until that value is realized or the fundamentals change in a way that no longer support his thesis.
His blog features his various ideas and commentary and he updates readers on their progress in a timely fashion. His commentary has been seen in the online versions of the Wall St. Journal, New York Times, CNN Money, Business Week, Crain’s NY, Kiplingers and other publications. He has also appeared on Fox Business News & Fox News and is a RealMoney.com contributor. His commentary on Starbucks during 2008 was recently quoted by its Founder Howard Schultz in his recent book “Onward”. In 2011 he was asked to present an investment idea at Bill Ackman’s “Harbor Investment Conference”.
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FPA Capital Fund commentary for the second quarter ended June 30, 2016.
H/T Dataroma
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