Petroleum Report For Week Ending 9/9/05

[BoeingBoy]

* U.S. crude oil imports averaged over 9.1 million barrels per day last week, down 403,000 barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged over 9.9 million barrels per day, a decrease of 317,000 barrels per day from the comparable four weeks last year.

* U.S. commercial crude oil inventories (excluding those in the SPR) fell by 6.6 million barrels from the previous week. At 308.4 million barrels, U.S. crude oil inventories remain above the upper end of the average range for this time of year.

* U.S. crude oil refinery inputs averaged nearly 14.7 million barrels per day during the week ending September 9, up just 50,000 barrels per day from the previous week's average, reflecting that many refineries were still out last week.

* Refineries operated at 87.3 percent of their operable capacity last week (capacity temporarily lost is not subtracted from operable capacity).

* Gasoline production rose substantially, averaging nearly 8.5 million barrels per day. However, distillate fuel production declined, averaging 3.7 million barrels per day.

* Total product supplied over the last four-week period has averaged nearly 21.0 million barrels per day, or 0.4 percent more than averaged over the same period last year.

* Kerosene-type jet fuel demand is down 3.1 percent over the last four weeks compared to the same four-week period last year.

As for the numbers.....

Spot prices for jet fuel.....9/09......9/02......8/26......8/19......8/12......8/05
New York Harbor.........$2.0100 $2.2750 $1.9100 $1.9550 $1.9550 $1.7430
Gulf Coast...................$1.9488 $2.2050 $1.8675 $1.9450 $1.9450 $1.7230
Los Angeles................$1.9500 $2.2538 $2.0000 $2.0975 $2.0975 $2.0050

Spot prices for crude......9/09.....9/02.....8/26.....8/19.....8/12.....8/05
WTI Cushing................$64.21 $66.91 $66.71 $66.71 $62.44 $60.71
Brent...........................$62.62 $65.95 $67.26 $67.26 $60.73 $59.77

Current crude prices:

WTI Cushing...$63.65 (@ 10:07 on 9/14/05 per Bloomberg)
Dated Brent....$61.94 (@ 10:54 on 9/14/05 per Bloomberg)
NYMEX............$64. (@10:23 on 9/14/05 per Bloomberg)

Finally, average spot prices of jet fuel by month (by quarter once the quarter is over):

Delivery point....1Q05......2Q05......Jul05.....Aug05.....Sep05*......3Q05*
NY Harbor...... $1.4861 $1.5833 $1.6859 $1.90.24 $2.1252 $1.8525
Gulf Coast..... $1.4400 $1.5649 $1.6647 $1.8744 $2.0653 $1.8221
Los Angeles.. $1.5228 $1.7008 $1.7525 $2.0272 $2.0502 $1.9231

*thru 9/13/05

As with last weeks report, here's a chart showing jet fuel spot prices per barrel vs West Texas Intermediate from 8/26 thru 9/13. Notice that spot prices have nearly returned to pre-Katrina levels, though the price of WTI is somewhat lower. Consequently, the "crack spread" is still overall slightly higher than pre-Katrina.

View attachment 3284

Jim

 

[BoeingBoy]

I'll just add this blurb from a separate EIA report issued late yesterday:

Currently, there are five refineries (ChevronTexaco, located in Pascagoula, MS; ConocoPhillips, located in Belle Chasse, LA; ExxonMobil, located in Chalmette, LA; Murphy, located in Meraux, LA, and Shell Chemical in St. Rose, LA) that remain shut down, and expectations are that the first four of these refineries, which represent about 5 percent of total U.S. refining capacity, could be shut down for an extended period. The Shell Chemical refinery in St. Rose, LA is expected to begin operations soon.

Jim