Oil Stocks
OECD commercial oil stocks rose by 11.7 mb in May, broadly in line with the five-year average.
Crude stocks showed a surplus of 13 mb, while product inventories indicated a deficit of 17.3 mb.
In terms of days of forward cover, OECD commercial stocks stood at 58.9 days.
Preliminary data for June shows that US total commercial oil stocks rose by 14.2 mb for a surplus of 48.2 mb with the five-year average.
US crude and product stocks were at 33.8 mb and 14.4 mb, respectively, both above the five-year average.
~ Issued 10 July 2013
Showing posts with label Oil~SDI. Show all posts
Showing posts with label Oil~SDI. Show all posts
Monday, July 29, 2013
Friday, September 25, 2009
Sept 23 ~ Crude Oil Supplies 335.6 m , Inventories 9.1% above 5yr average
Oil Set for Biggest Weekly Drop Since July on Recovery Concern
By Ben Sharples
Sept. 25 (Bloomberg) -- Oil in New York is poised for its biggest weekly drop since July after U.S. sales of existing homes unexpectedly slumped, bolstering skepticism about the pace of recovery in the biggest energy consuming nation.
Oil has dropped 9 percent this week as an Energy Information Administration report showed a gain in U.S. fuel stockpiles, boosting speculation of a supply glut. Prices are also under pressure from a stronger dollar, which reduces the appeal of commodities as an inflation hedge.
“The home sales data in the U.S. was a trigger that contributed to a tumble in the oil price,” said David Moore, a commodity strategist with Commonwealth Bank of Australia. “The oil data from the EIA is relatively bearish, and on top of that the U.S. dollar recovered a little bit of ground.”
Crude oil for November delivery traded at $65.87 a barrel, down 2 cents, on the New York Mercantile Exchange at 9:56 a.m. in Sydney. Futures, which dropped 4.5 percent yesterday, are headed for the biggest decline since the week ended July 10. Prices have advanced 48 percent since the start of the year.
U.S. equities fell for a second day yesterday as sales of existing homes slumped and the Federal Reserve said it will cut the size of two programs meant to bolster credit markets. The Standard & Poor’s 500 Index lost 1 percent in New York and the Dow Jones Industrial Average slipped 0.4 percent.
The dollar gained 0.1 percent to $1.4649 per euro at 9:57 in Sydney, from $1.4666 yesterday.
Supplies Increase
“We expect a hesitant recovery in the U.S. and in that context we’re going to get bits of data that disappoint, and that’s what we saw last night,” Moore said.
Supplies of crude oil rose 2.86 million barrels, to 335.6 million, the biggest increase since the week ended July 24, according to the Energy Department report released Sept. 23. Analysts had expected a 1.4 million-barrel decrease. The gain left stockpiles 9.1 percent above the five-year average.
U.S. gasoline stockpiles surged 5.41 million barrels last week, more than 10 times the gain forecast by analysts in a Bloomberg News survey, according to the report. Demand for the fuel slipped 2.3 percent to 8.79 million barrels a day, the lowest since January.
Inventories of distillate fuel, a category that includes heating oil and diesel, rose 2.96 million barrels, almost double analyst estimates.
“There has been a lot of talk about green shoots, but we are still shedding jobs and oil demand is still going to drop by 2 million barrels this year,” said Rick Mueller, a director of oil markets at Energy Security Analysis Inc. in Wakefield, Massachusetts. “There comes a point when you have to pay attention to the fundamentals.”
Brent crude for November settlement rose 1 cent to $64.83 a barrel on the London-based ICE Futures Europe exchange at 10:06 a.m. Sydney time. Yesterday, the contract dropped $3.17, or 4.7 percent, to $64.82.
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By Ben Sharples
Sept. 25 (Bloomberg) -- Oil in New York is poised for its biggest weekly drop since July after U.S. sales of existing homes unexpectedly slumped, bolstering skepticism about the pace of recovery in the biggest energy consuming nation.
Oil has dropped 9 percent this week as an Energy Information Administration report showed a gain in U.S. fuel stockpiles, boosting speculation of a supply glut. Prices are also under pressure from a stronger dollar, which reduces the appeal of commodities as an inflation hedge.
“The home sales data in the U.S. was a trigger that contributed to a tumble in the oil price,” said David Moore, a commodity strategist with Commonwealth Bank of Australia. “The oil data from the EIA is relatively bearish, and on top of that the U.S. dollar recovered a little bit of ground.”
Crude oil for November delivery traded at $65.87 a barrel, down 2 cents, on the New York Mercantile Exchange at 9:56 a.m. in Sydney. Futures, which dropped 4.5 percent yesterday, are headed for the biggest decline since the week ended July 10. Prices have advanced 48 percent since the start of the year.
U.S. equities fell for a second day yesterday as sales of existing homes slumped and the Federal Reserve said it will cut the size of two programs meant to bolster credit markets. The Standard & Poor’s 500 Index lost 1 percent in New York and the Dow Jones Industrial Average slipped 0.4 percent.
The dollar gained 0.1 percent to $1.4649 per euro at 9:57 in Sydney, from $1.4666 yesterday.
Supplies Increase
“We expect a hesitant recovery in the U.S. and in that context we’re going to get bits of data that disappoint, and that’s what we saw last night,” Moore said.
Supplies of crude oil rose 2.86 million barrels, to 335.6 million, the biggest increase since the week ended July 24, according to the Energy Department report released Sept. 23. Analysts had expected a 1.4 million-barrel decrease. The gain left stockpiles 9.1 percent above the five-year average.
U.S. gasoline stockpiles surged 5.41 million barrels last week, more than 10 times the gain forecast by analysts in a Bloomberg News survey, according to the report. Demand for the fuel slipped 2.3 percent to 8.79 million barrels a day, the lowest since January.
Inventories of distillate fuel, a category that includes heating oil and diesel, rose 2.96 million barrels, almost double analyst estimates.
“There has been a lot of talk about green shoots, but we are still shedding jobs and oil demand is still going to drop by 2 million barrels this year,” said Rick Mueller, a director of oil markets at Energy Security Analysis Inc. in Wakefield, Massachusetts. “There comes a point when you have to pay attention to the fundamentals.”
Brent crude for November settlement rose 1 cent to $64.83 a barrel on the London-based ICE Futures Europe exchange at 10:06 a.m. Sydney time. Yesterday, the contract dropped $3.17, or 4.7 percent, to $64.82.
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Monday, September 7, 2009
US Crude Oil Inventories (29 Aug 09) dropped slightly
WASHINGTON, Sept. 2 (UPI)
U.S. crude oil inventories dropped by 0.4 million barrels in the week ending Aug. 28, the U.S. Energy Information Administration said Wednesday.
Crude inventories fell from 343.8 million barrels to 343.4 million barrels during the week but remain above the upper boundary of the average range for this week of the year, EIA said.
Gasoline inventories declined by 3 million barrels to 205.1 million barrels, but remain in the upper half of the average range.
Supplies of distillate fuels, which includes heating oil, rose by 1.2 million barrels to 163.6 million barrels.
Finished gasoline inventories and stocks of gasoline blending components both fell during the week, EIA reported.
At 9.2 million barrels a day, demand for gasoline over the past four weeks is 0.5 percent higher than demand during the same period a year ago.
Distillate fuel demand has dropped 7.3 percent in the past four weeks compared to a year ago.
Jet fuel demand is also down, off 12.1 percent from a year ago, the report said.
© 2009 United Press International, Inc. All Rights Reserved.
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U.S. crude oil inventories dropped by 0.4 million barrels in the week ending Aug. 28, the U.S. Energy Information Administration said Wednesday.
Crude inventories fell from 343.8 million barrels to 343.4 million barrels during the week but remain above the upper boundary of the average range for this week of the year, EIA said.
Gasoline inventories declined by 3 million barrels to 205.1 million barrels, but remain in the upper half of the average range.
Supplies of distillate fuels, which includes heating oil, rose by 1.2 million barrels to 163.6 million barrels.
Finished gasoline inventories and stocks of gasoline blending components both fell during the week, EIA reported.
At 9.2 million barrels a day, demand for gasoline over the past four weeks is 0.5 percent higher than demand during the same period a year ago.
Distillate fuel demand has dropped 7.3 percent in the past four weeks compared to a year ago.
Jet fuel demand is also down, off 12.1 percent from a year ago, the report said.
© 2009 United Press International, Inc. All Rights Reserved.
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