Petroleum Update for Week Ending 3/17/06

[BoeingBoy]

Finally, much to FWAAA's relief , this week's report. I've used the same format as last week - if you like the old format better, just say so.....

Crude Oil Supply (4 week average):
Domestic Procuction - 5,055,000 bbls (down 7.9% YoY)
Net Imports (imports less exports) - 9,803,000 bbl (down 2.4% YoY)

Refinery Input - 14,393,000 bbls (down 4.9% YoY)
Refinery Utilization was 86.7% for the week.

Jet Fuel Supplied (4 week average):
1,602,000 bbls (down 2.3% YoY)

Jet Fuel Stocks on 3/10/06:
Total Domestic - 42,000,000 bbls (up 7.4% YoY but down 1.9%WoW)
- East Coast - 10,200,000 bbls (dn 200,000 WoW)
- Midwest - 8,600,000 bbls (up 600,000 WoW)
- Gulf Coast - 12,800,000 bbls (dn 400,000 WoW)
- Rocky Mountain - 700,000 bbls (up 100,000 WoW)
- West Coast - 9,800,000 bbls (dn 700,000 WoW)

Jet Fuel Production (4 week avg):
Total Domestic - 1,445,000 bbls/day (dn 17,000 bbls WoW)
- East Coast - 90,000 bbls/day (dn 15,000 bbls WoW)
- Midwest - 198,000 bbls/day (dn 16,000 bbls WoW)
- Gulf Coast - 751,000 bbls/day (up 8,000 bbls WoW)
- Rocky Mountain - 15,000 bbls/day (dn 4,000 bbls WoW)
- West Coast - 342,000 bbls/day (dn 20,000 bbls WoW)

Jet Fuel Imports (4 week avg):
Total Imports - 102,000 bbls/day (dn 4,000 WoW)
- East Coast - 60,000 bbls/day (up 5,000 WoW)
- Midwest - 0 bbls/day (unchanged)
- Gulf Coast - 1,000 bbls/day (up 1,000 WoW)
- Rocky Mountain - 0 bbls/day (unchanged)
- West Coast - 41,000 bbls/day (dn 10,000 WoW)

Spot prices on 3/10/06:
NY Harbor Jet - $1.9080/gal (up 7.80 cents WoW)
Gulf Coast Jet - $1.8780/gal (up 8.30 cents WoW)
Los Angeles Jet - $1.9100/gal (up 14.00 cents WoW)
WTI-Cushing Crude - $62.81/bbl (up $2.90 WoW)

Bloomberg is currently showing WTI-Cushing at $63.41 (on 3/23/06)

As usual, the same chart - I'll update it when the March averages are available:


View attachment 4674

Finally, a Reuters' article about airline fuel hedging - seems most are hedging some even at these prices:

Reuters Article

Jim

 

[700UW]

Airlines look to hedge

U.S. Airways (LCC.N: Quote, Profile, Research) is currently hedged for an average of 32 percent of its consumption for 2006, but is seeking to increase that volume to 50 percent.

 

[FWAAA]

Finally, much to FWAAA's relief , this week's report.

Finally, a Reuters' article about airline fuel hedging - seems most are hedging some even at these prices:

Reuters Article

Jim

Excellent report as always.

Prices continue to climb. Gonna be an interesting summer. The article discussing hedging was an eye-opener.

I can see it now: You get home from a multi-day trip and the spouse needs her email settings fixed so what happens? Clowns like me pester you to get your weekly oil price analysis posted.

You are a gentleman, BoeingBoy.