Petroleum Report - Week Ending 7/22/05

[BoeingBoy]

From the EIA weekly report:

U.S. crude oil imports averaged over 9.9 million barrels per day last week, down 885,000 barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged over 10.2 million barrels per day, a decrease of 117,000 barrels per day from the comparable four weeks last year.

Although the origins of weekly crude oil imports are preliminary and thus not published, it appears that imports from Mexico last week were not yet significantly impacted by Hurricane Emily.

U.S. commercial crude oil inventories (excluding those in the SPR) dropped by 2.3 million barrels from the previous week. At 317.8 million barrels, U.S. crude oil inventories remain above the upper end of the average range for this time of year.

Distillate fuel inventories rose by 3.1 million barrels last week, and are near the upper end of the average range for this time of year.

U.S. crude oil refinery inputs averaged nearly 15.8 million barrels per day during the week ending July 22, up 173,000 barrels per day from the previous week's average.

Refineries operated at 93.5 percent of their operable capacity last week. Gasoline and distillate fuel production increased substantially, averaging over 8.7 million barrels per day and 4.3 million barrels per day, respectively.

Total product supplied over the last four-week period has averaged nearly 20.9
million barrels per day, or 0.1 percent more than averaged over the same period
last year.

Over the last four weeks, motor gasoline demand has averaged 9.5 million barrels per day, or 1.6 percent above the same period last year.

Distillate fuel demand has averaged 4.0 million barrels per day over the last four weeks, or 3.6 percent above the same period last year.

Kerosene-type jet fuel demand is up 2.8 percent over the last four weeks compared to the same four-week period last year.

On to prices:

Spot prices for jet fuel......7/22.......7/15.......7/08.......7/01.......6/24
New York Harbor............$1.6115 $1.6713 $1.7230 $1.7323 $1.6980
Gulf Coast......................$1.6350 $1.6450 $1.7005 $1.7060 $1.6755
Los Angeles...................$1.7000 $1.7100 $1.7700 $1.7900 $1.7650

Spot prices for crude........7/22.....7/15.....7/08.....7/01.....6/24
WTI Cushing..................$57.75 $58.36 $59.71 $59.11 $59.63
Brent.............................$56.98 $56.98 $59.00 $56.41 $57.21

Current crude prices:

WTI Cushing...$59.11 (close)
Dated Brent....$57.91 (close)
NYMEX............$59.11 (down $0.11 to $59.00 in after hours trading)

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

Delivery point....1Q05......2Q05......Jul05*
NY Harbor...... $1.4861 $1.5833 $1.6881
Gulf Coast..... $1.4400 $1.5649 $1.6667
Los Angeles.. $1.5228 $1.7008 $1.7428
* thru the 26th

Jim

 

[700UW]

The following might raise prices this platform accounted for 38% of India's oil consumption.

Major fire off Mumbai coast; Casualties feared
New Delhi, July 28. (PTI) A major fire broke out on an ONGC oil platform off the coast of Mumbai Wednesday afternoon, causing several casualties and huge loss of production.

"We had a major fire and the platform has been completely destroyed," Petroleum Minister Mani Shankar Aiyar said at a hurriedly called press conference here.

The fire broke out at 4:30 pm but its exact cause was not known immediately, he said.

There were reports that the fire broke out after a ship rammed into the platform. However, neither Aiyar nor ONGC chairman Subhir Raha could confirm it.

Aiyar said 200-300 people were on board the platform, and a supply vessel and a rig in the area have also been destroyed.

Services of Coast Guard and Navy has been requisitioned for rescue operation, he said.

Officials said one Navy ship has already reached the site.

"Casualties might be considerable, there is bound to be loss of lives. However, we don't know the exact details," the Minister added.