US commercial petroleum inventories rose slightly last week with gasoline and distillate fuel inventories rising, crude oil inventories unchanged and propane/propylene inventories dropping. Refinery operations dropped for a second week and production of both gasoline and distillate fuels fell. On the demand side, gasoline demand is picking back up, but still down 1.9% from last year and with jet fuel demand down 18.8% total product demand is still down more than 6.5%.
US Petroleum Supplies and Refining At a Glance
Total Petroleum Inventories: Up 1.2 million barrels Crude Oil Inventories: Unchanged Gasoline Inventories: Up 2.0 million barrels Distillate Fuels Inventories: Up 2600,000 barrels Propane/propylene inventories: Down Refinery Crude Inputs: 14.5 million barrels/day Change: Down 154,000 barrels/day Refinery Activity: 84.6%
US Petroleum Demand At a Glance Compared to Same 4-Week Period Last Year
Total Products Supplied: Down 6.6% Gasoline: Down 1.9% Distillate Fuel: Down 4.6% Jet Fuel: Down 18.8%
This Week in Petroleum focuses on trying to get oil price forecasts right, noting that
multiple hard-to-predict factors...drive oil markets. On top of that, the significance of each factor can change quickly with little notice. To have the best shot at producing a good forecast of short-term oil prices, oil analysts need to accurately predict all of the factors below, appropriately weight each of the factors according to its influence on the market, and then hope that nothing unforeseen will occur.
Oil report and This Week in Petroleum November 13 2008 [PDF] Full current report with data tables [PDF]
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November 14 2008, 2:16am | Original Link »
