This week’s EIA Petroleum Status Report summary:
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) rose by 2.4 million barrels from the previous week. At 299.4 million barrels, U.S. crude oil inventories are in the upper half of the average range for this time of year. Total motor gasoline inventories increased by 1.0 million barrels last week, and are above the average range. Distillate fuel inventories fell by 1.8 million barrels last week, and are slightly above the lower end of the average range for this time of year. The decline in distillate fuel inventories was equally split between high-sulfur distillate fuel (heating oil) and low-sulfur distillate fuel (diesel fuel). Total commercial petroleum inventories inched up by 0.4 million barrels last week, and remain in the upper half of the average range.
Total product supplied over the last four-week period has averaged nearly 20.9 million barrels per day, or 1.6 percent more than averaged over the same period last year. Over the last four weeks, motor gasoline demand has averaged nearly 8.9 million barrels per day, or 1.5 percent above the same period last year, while distillate fuel demand has averaged nearly 4.3 million barrels per day, or 0.6 percent below the same period last year. Kerosene-type jet fuel demand is up 1.2 percent over the last four weeks compared to the same four-week period last year.
Each weekly report continues to show that demand is ahead of last years, which was ahead of the year prior. Industry has over the winter shown that it is able to rebuild stocks of raw crude, yet there appears to be some concern about the tightness of supply.
Unless 52 fails and holds as resistance, it will become new support until proven otherwise. While this remains true we can imagine that stock markets will find this a greasy, bitter pill to swallow.
All time high for this contract is dead ahead.
Intial reaction was up; lets see if that holds by days end.
05.03.02 10:44 #