Petroleum Report Week Ending 9/30/05

[BoeingBoy]

This month the reports are going to be late since I go to work about the time the weekly report is released by the EIA on Wednesday.

For the week ending 9/30/05:

U.S. crude oil imports averaged 8.1 million barrels per day last week, down nearly 1.6 million barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged 9.2 million barrels per day, a decrease of 504,000 barrels per day from the comparable four weeks last year.

U.S. commercial crude oil inventories (excluding those in the SPR) inched lower by 0.3 million barrels from the previous week. At 305.4 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 11.7 million barrels per day during the week ending September 30, down 2.9 million barrels per day from the previous week's average, as many Gulf Coast refiners were shut down last week following Hurricane Rita. Refineries operated at 69.8 percent of their operable capacity last week (capacity temporarily lost is not subtracted from operable capacity). Gasoline and distillate fuel production declined dramatically, averaging 7.5 million barrels per day and 3.0 million barrels per day, respectively.

Total product supplied over the last four-week period has averaged over 19.9 million barrels per day, or 2.9 percent less than averaged over the same period last year. Kerosene-type jet fuel demand is down 0.6 percent over the last four weeks ompared to the same four-week period last year.

Spot prices for jet fuel.....9/30......9/23......9/16.......9/09.......9/02.......8/26.......8/19.......8/12.......8/05
New York Harbor.........$2.4200 $2.0700 $1.9450 $2.0100 $2.2750 $1.9100 $1.9550 $1.9550 $1.7430
Gulf Coast...................$2.6450 $2.1750 $1.9050 $1.9488 $2.2050 $1.8675 $1.9450 $1.9450 $1.7230
Los Angeles................$2.3050 $2.0000 $1.8850 $1.9500 $2.2538 $2.0000 $2.0975 $2.0975 $2.0050

Spot prices for crude......9/30.....9/23.....9/16.....9/09.....9/02.....8/26.....8/19.....8/12.....8/05
WTI Cushing................$66.21 $64.67 $62.91 $64.21 $66.91 $66.71 $66.71 $62.44 $60.71
Brent...........................$61.70 $62.17 $60.48 $62.62 $65.95 $67.26 $67.26 $60.73 $59.77

Current crude prices:

WTI Cushing...$61.84 (10/7/05 per Bloomberg)
Dated Brent....$57.72 (10/7/05 per Bloomberg)
NYMEX............$61.84 (10/7/05 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.....Oc
05*
NY Harbor..... $1.4861 $1.5833 $1.6859 $1.90.24 $2.1785 $1.9223 $2.4148
Gulf Coast..... $1.4400 $1.5649 $1.6647 $1.8744 $2.2323 $1.9238 $2.4850
Los Angeles.. $1.5228 $1.7008 $1.7525 $2.0272 $2.0794 $1.9530 $2.1749

*thru 10/2/05

As has been the case for the last few weeks, here is a chart showing WTI-Cushing and jet fuel spot prices per barrel for each trading day since before Kartina came ashore. It covers the period starting 8/26/05 through 10/2/05.

View attachment 3478

Jim

 

[BoeingBoy]

Excerpts from 'This Week in Petroleum' from the EIA:

Crude oil inputs into refineries averaged just 11.7 million barrels per day last week, the lowest average since the week ending March 13, 1987, and over 4.5 million barrels per day less than the week before Hurricane Katrina began to impact refinery operations (the week ending August 26). While several refineries have begun operating again since last week, data for the week ending October 7, while likely showing an increase in refinery inputs, will still probably see them dramatically lower than normal. With the continued shutdown of a significant amount of refinery capacity, less product is being refined, and the result is that inventories will be drawn down in order to provide as much supply as possible to the product markets.

For the week ending September 30, light petroleum product inventories (gasoline, distillate fuel, and jet fuel) fell a combined 12.6 million barrels. Gasoline inventories fell from the middle of the average range to the bottom end of the average range, while distillate fuel inventories, once comfortably above the average range, are now near the middle of the average range. The drop in gasoline inventories came despite a record level of imports as well as refiners and blenders making as much gasoline as they possibly could. Some refineries that are shut down have been able to bring imported petroleum products, such as gasoline, directly into their refinery docks, instead of crude oil, which they can’t currently refine, in order to help replace some of the lost supply.

Jim