January 13th, 2011 by Belisarius
Crude oil stocks fell 2.2 million barrels; Gasoline stocks rose 5.1 million barrels; Distillate stocks were up 2.7 million barrels; Propane/propylene stocks were down 3.4 million barrels; Other oils stocks decreased 3.4 million barrels; Total crude oil and petroleum stocks were 0.9 million barrels higher for the week.
Refinery utilization rose 1.6% to 86.4%.
Implied crude oil demand remained unchanged.
Crude oil and petroleum product net imports rose 1.4 million barrels to 9.3 million barrels.
Large gasoline stockpiling because of bad weather. Going into new year crude oil stocks will probably rise on refiner restocking and not so stellar demand.
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January 10th, 2011 by Belisarius
Number of crude oil drilling rigs rose for 12; Number of natural gas drilling rigs fell for 5.
On world scale number of oil & gas drilling rigs rose for 76 in December.
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January 9th, 2011 by Belisarius
Baltic Dirty Tanker Index fell 25.3% in last two weeks; Baltic Clean Tanker Index fell 18.4% in the same period.
To repeat: Large oversupply of ships in the Gulf. Somewhat strange that cost of shipping fell so much during crude oil price rally.
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January 6th, 2011 by Belisarius
Crude oil stocks fell 4.2 million barrels; Gasoline stocks rose 3.3 million barrels; Distillate stocks increased 1.4 million barrels; Propane/propylene stocks were down 2.7 million barrels; Other oils stocks fell 3.4 million barrels; Total crude oil and petroleum stocks were 6.3 million barrels lower for the week.
Refinery utilization rose 0.2% to 88.0%.
Crude oil and petroleum product net imports fell 1.3 million barrels to 7.9 million barrels.
Demand is mostly unchanged; stocks are falling on increased exports and smaller imports.
Going into new year crude oil stocks will probably rise on refiner restocking.
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January 5th, 2011 by Belisarius
Baltic Dirty Tanker Index fell 21.4%; Baltic Clean Tanker Index fell 17.4% during the holidays.
Large oversupply of ships in the Gulf. Somewhat strange that cost of shipping fell do much during crude oil price rally.
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December 31st, 2010 by Belisarius
Crude oil stocks fell 1.3 million barrels; Gasoline stocks decreased 2.3 million barrels; Distillate stocks rose 0.2 million barrels; Propane/propylene stocks were down 2.5 million barrels; Other oils stocks decreased 2.2 million barrels; Total crude oil and petroleum stocks were 9.2 million barrels lower for the week.
Refinery utilization rose 0.1% to 87.8%.
Implied crude oil demand fell 0.5 million barrels.
Crude oil and petroleum product net imports fell0.2 million barrels to 9.2 million barrels.
Refiners reduced crude oil stocks because use of LIFO accounting enables them to keep lower priced inventory on hand; expense higher priced one and consequently pay lower taxes. Demand also recovered a bit.
Going into new year crude oil stocks will probably rise on refiner restocking.
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December 27th, 2010 by Belisarius
Number of crude oil drilling rigs fell for 15; Number of natural gas drilling rigs fell for 10.
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December 27th, 2010 by Belisarius
Baltic Dirty Tanker Index fell 0.5%; Baltic Clean Tanker Index fell 3.3%.
Cargoes for first half of January well covered; Markets activity weak because of holidays.
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December 23rd, 2010 by Belisarius
Crude oil stocks fell 5.3 million barrels; Gasoline stocks rose 2.4 million barrels; Distillate stocks fell 0.6 million barrels; Propane/propylene stocks fell 3.5 million barrels; Other oils stocks decreased 0.3 million barrels; Total crude oil and petroleum stocks were 6.0 million barrels lower for the week.
Refinery utilization fell 0.3% to 87.7%.
Implied crude oil demand rose 0.4 million barrels.
Crude oil and petroleum product net imports rose 1.7 million barrels to 9.4 million barrels. Back to normal.
Another stockpile draw and another rise in gasoline stocks. Demand flat. Overall the crude oil stocks decrease data gives a kind of bullish tone for oil price.
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December 20th, 2010 by Belisarius
Number of crude oil drilling rigs fell for 7; Number of natural gas drilling rigs fell for 7.
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December 19th, 2010 by Belisarius
Baltic Dirty Tanker Index rose 2.4%; Baltic Clean Tanker Index fell 2.7%.
Seasonal effects (cold weather in northern hemisphere; possibility of ice forming in the Baltic Sea) in addition to bullishness in the oil markets are keeping rates at decent levels.
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December 16th, 2010 by Belisarius
Crude oil stocks fell 9.9 million barrels; Gasoline stocks were up 0.8 million barrels; Distillate stocks rose 1.1 million barrels; Propane/propylene stocks fell 1.9 million barrels; Other oils stocks decreased 3.8 million barrels; Total crude oil and petroleum stocks were 15.6 million barrels lower for the week.
Refinery utilization rose 0.5% to 88.0%.
Implied crude oil demand fell 0.5 million barrels.
Crude oil and petroleum product net imports fell 1.8 million barrels to 7.8 million barrels. Lowest level in more than 10 years.
Impressive and record stockpile draw; No prof of increased demand; Looks like oil traders move crude oil around the globe.
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December 13th, 2010 by Belisarius
Number of crude oil drilling rigs fell for 21; Number of natural gas drilling rigs fell for 13.
On world scale number of drilling rigs rose for 68 rigs in December. Bulk of the gains coming from North America.
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December 13th, 2010 by Belisarius
Baltic Dirty Tanker Index rose 6.7%; Baltic Clean Tanker Index rose 1.4%.
Oil price action and sentiment spilling over to tanker market. No change in supply/demand fundamentals; abundance of available ships.
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December 9th, 2010 by Belisarius
rude oil stocks fell 3.8 million barrels; Gasoline stocks were up 3.8 million barrels; Distillate stocks rose 2.2 million barrels; Propane/propylene stocks fell 2.3 million barrels; Other oils stocks decreased 4.5 million barrels; Total crude oil and petroleum stocks fell 5.3 million barrels for the week.
Refinery utilization rose 4.9% to 87.5%.
Implied crude oil demand rose 1.3 million barrels.
Crude oil and petroleum product net imports rose 1.1 million barrels to 9.6 million barrels.
Kind of mixed report, large temperature related draws, on the other hand large stockpiling of gasoline and distillates. Imports increased and refinery utilization increased, so the risk is on the side of further stock increases.
Most important we had large moves in the futures curve; the curve flattened and prices in the mid of the two year curve rose higher than the prices on the end of the curve. This could be big thing and a potential prelude to the curve move into backwardation.
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