Weekly US Petroleum and NG Supply Reports (Current)

frankthetank

Natural Gas is at $13.63

Not even hurricane season! Local media still hasn't covered the price increase. Usually they run a story, but not yet.
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"Oil is going up because we use too much oil, and the capacity to replace reserves is dwindling"
-President Bush 11/07/07

JoeW

frankthetank

mcgowanjm · Tar Sands Joined: May 23, 2008 Posts: 63

Waterthrush

Second week in a row that Bush speaks at the same time as the petroleum report gets released. I am waiting for him to drop another "drill drill drill" plea into his speech. Or, actually, I'm not. He speaks so poorly and so phonily that I can't bear to listen to him.

mcgowanjm · Tar Sands Joined: May 23, 2008 Posts: 63

Dan1195 · Heavy Crude Joined: Mar 19, 2005 Posts: 261

Would think this would be viewed as a bearish report. 1.4 mpd gasoline imports caused the rise in gasoline supplies. Crude supplies are still dropping however. Another thing to note is gasoline demand actually appeared to rebound a bit on a percentage basis, which may be a signal that additional demand destruction will not occurr without further price increases.

frankthetank

Dan-

I noticed that too. Gas prices need to go higher. How long can we continue to import that amount of gasoline?
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"Oil is going up because we use too much oil, and the capacity to replace reserves is dwindling"
-President Bush 11/07/07

gnm

Just sighted on drudgereport.... top link but its not working yet.

Waterthrush

Bloomberg top-item headline at noon: "Oil rises after report of unexpected increase in US supplies last week"

The click-through headline: "Oil rises after report shows unexpected drop in crude supplies."

HEADER_RACK · Intermediate Crude Joined: Feb 15, 2007 Posts: 502

So we are about 14mb away from MOL...... Intresting
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AirlinePilot

eastbay

Just one million fewer bbls/d as a result of a moderate storm and approach MOL in one or two weeks. Two mb/d lost as a result of a HUGE storm will in one or two weeks be catastrophic.

We are walking a tightrope, that's for sure.
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DantesPeak

A few weeks ago I mentioned we would probably see an increase in oil imports due to the typical early summer seasonal peak roughly around July 1. My WAG was imports would average 9.75 mbpd in the four weeks ending July 11. The most recent four weeks it was about 10.1 mbpd – obviously higher than I originally thought, partly due to diversion of supplies from a southern France port strike. Even so, crude inventories are still dropping but managed to barely stay above the bottom of the five year average for this time of year.

However I would like to reiterate my concern that after mid-July the US will see a significant drop of in crude imports – especially from Nigeria. This may cause problems later in the year for diesel and/or gasoline supplies.

Last week, gasoline imports went back to seasonal norms because of the recovery of British refiners from a strike a few weeks back. But that’s not good enough - this year imports have in recent months lagged last year’s levels. Despite the fall off in gasoline demand (aka demand destruction) in the most recent weeks of about 1.7% less than last year, finished gasoline inventories are about 10 million barrels less than a year ago. Considering ethanol supplies are experiencing a flood related delivery bottleneck, I think it’s more important to focus on finished gasoline than the total gasoline inventory number – which includes unfinished gasoline and blending components.

I don't look for any inventory shortage problems to develop in July (barring some new political cutoff of supplies). But with these kinds of inventory levels for oil and gasoline, any kind of significant tropical storm in the GOM during August may be enough to initate havoc in our energy markets.
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