Better Fill up today

[frawin]

I thought some of you might find the weekly eia-doe inventory report of interest. We have to reduce our petroleum demands significantly more before the World economy improves or we are going to face significantly higher energy prices  . Through the Clinton trade agreements,(Talk about waking a sleeping giant) we made China and India petroleum gobbling monsters. China has now replaced Japan as the 2nd largest consumer of oil in the world, and China is continuing to build automobiles at a high rate.

Summary of Weekly Petroleum Data for the Week Ending September 18, 2009

U.S. crude oil refinery inputs averaged 14.7 million barrels per day during the
week ending September 18, 316 thousand barrels per day below the previous
week's average. Refineries operated at 85.6 percent of their operable capacity
last week. Gasoline production decreased last week, averaging 8.9 million
barrels per day. Distillate fuel production increased last week, averaging 4.2
million barrels per day.

U.S. crude oil imports averaged 9.8 million barrels per day last week, up 891
thousand barrels per day from the previous week. Over the last four weeks,
crude oil imports have averaged 9.3 million barrels per day, 157 thousand
barrels per day above the same four-week period last year. Total motor gasoline
imports (including both finished gasoline and gasoline blending components)
last week averaged 1.0 million barrels per day. Distillate fuel imports
averaged 185 thousand barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic
Petroleum Reserve) increased by 2.8 million barrels from the previous week. At
335.6 million barrels, U.S. crude oil inventories are above the upper boundary
of the average range for this time of year. Total motor gasoline inventories
increased by 5.4 million barrels last week, and are above the upper limit of
the average range. Both finished gasoline inventories and blending components
inventories increased last week. Distillate fuel inventories increased by 3.0
million barrels, and are above the upper boundary of the average range for this
time of year. Propane/propylene inventories increased by 1.3 million barrels
last week and are above the upper limit of the average range. Total commercial
petroleum inventories increased by 8.0 million barrels last week, and are
above the upper limit of the average range for this time of year.

Total products supplied over the last four-week period has averaged 19.2
million barrels per day, up by 4.4 percent compared to the similar period last
year. Over the last four weeks, motor gasoline demand has averaged about 9.1
million barrels per day, up by 4.5 percent from the same period last year.
Distillate fuel demand has averaged 3.4 million barrels per day over the last
four weeks, down by 8.1 percent from the same period last year. Jet fuel demand
is 5.8 percent lower over the last four weeks compared to the same four-week
period last year.

[frawin]

November-09 Crude oil settled at $68.97, down $2.79 on the day, October-09 Natural Gas settled at $3.86, up $0.251 on the day.

[frawin]

November-09 Crude is trading at $68.55, down $0.42, October-09 Natural Gas is trading at $3.85, down $0.01.
Our area Gasoline price is $2.15.

[frawin]

November-09 Crude is trading at $67.30, down $1.67, October-09 Natural Gas is trading at $3.76, down $0.10.
I look for Gasoline at the pump to drop today, in this area.

There is a lot of volume in November crude  futures this A.M.

[frawin]

November-09 Crude oil settled at $65.89, down $3.08 on the day, October-09 Natural Gas settled at $3.955, up $0.095 on the day.

[frawin]

November-09 Crude is trading at $66.275, up $0.385, October-09 Natural Gas is trading at $3.965, up $0.010.
Our area Gasoline price is $2.13.

[frawin]

Oil Rises as Traders Buy In After Biggest Drop in Two Months



By Grant Smith and Christian Schmollinger

Sept. 25 (Bloomberg) -- Oil rose as some traders viewed this week’s slump as excessive, providing an opportunity to buy contracts before rising demand triggers a rebound.

Crude oil is nonetheless heading for its biggest weekly drop since July after plunging 4.5 percent yesterday on signs that the economic recovery is failing to draw down brimming U.S. fuel stockpiles. U.S. inventories of heating oil and other distillate fuels are at their highest in 26 years.

“The fundamentals support prices in a $67 to $73 range, and since we’re now below that, I wouldn’t expect it to drop much further,” said Andy Sommer, an analyst at Elektrizitaets- Gesellschaft in Dietikon, Switzerland. “That’s the range we would expect for the rest of the year.”

Crude oil for November delivery rose as much as 81 cents, or 1.2 percent, to $66.70 a barrel on the New York Mercantile Exchange, and traded at $66.29 at 10:25 a.m. in London. Futures are down 8 percent this week, headed for the biggest decline since July 10.

Goldman Sachs Group Inc. raised its 2010 global crude oil demand forecast by 1.9 percent on expectations an economic expansion has begun, bolstering fuel consumption.

Global crude usage next year will average 86.405 million barrels a day, up 1.6 million barrels a day from its previous outlook, Goldman Sachs analysts led by Jeffrey Currie said in a report today. The bank increased its oil demand forecast for the fourth quarter of 2009 by 1.2 million barrels a day to 85.106 million barrels a day.

Dollar Snap

The dollar is set to snap a two-week decline against the euro. A stronger dollar reduces the attractiveness of commodities as a hedge against inflation. The dollar was trading at $1.4691 per euro from $1.4666 yesterday in New York and from $1.4712 a week earlier.

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. Inventories of distillate fuel, a category that includes heating oil and diesel, rose 2.96 million barrels, almost double analyst estimates.

Brent crude for November settlement climbed as much as 83 cents, or 1.3 percent, to $65.65 a barrel on the London-based ICE Futures Europe exchange, and was at $65.40 at 10:26 a.m. London time. Yesterday, the contract dropped $3.17, or 4.7 percent, to $64.82.

Contango Narrows

The premium between later-dated New York oil futures and near-month contracts has narrowed, causing traders to remove crude from storage.

Crude for later delivery that is worth more than prompt supplies is a situation known as contango. The price difference between the first-month New York oil future and the second-month future narrowed to 47 cents a barrel today from $1.41 on Aug. 19. That reduces the incentive to hold oil in storage.

“As the contango starts to come in you’ll see some of that floating storage start to come in and that’s just going to depress the price even more,” said Jonathan Kornafel, a director for Asia at options traders Hudson Capital Energy in Singapore. “There is some pessimism that we’ll be able to eat into these inventories.”

The Organization of Petroleum Exporting Countries will increase shipments by 0.7 percent to 22.49 million barrels a day by sea in the four weeks to Oct. 10, up from an average of 22.33 million barrels a day in the month to Sept. 12, tracking consultant Oil Movements said in a report yesterday.

OPEC agreed at its Sept. 9 meeting in Vienna to maintain production quotas at 24.845 million barrels a day. Compliance is around 65 percent, according to the group. Official data showed net crude oil imports by China, Asia’s largest consumer, rose 18 percent to 17.92 million metric tons in August.

[frawin]

November-09 Crude oil settled at $66.02, up $0.13 on the day, October-09 Natural Gas settled at $3.985, up $0.03 on the day.

Our neighborhood pump price for Regular gas is $2.12

I just noticed that this thread has had over 40,000 views.

Everyone have a safe and fun weekend.

[frawin]

I notice that Gasoline dropped another 1cent to $2.11 this afternoon. Crude oil is pulling back in the back months as well as the front month.

[Dee Gee]

Yea, the gas in Independence is down to 2.45, it dropped 3 cents this week.