Posted on 12/31/2010 9:27:54 AM PST by Son House
Inventories
The Department of Energy reported that in the week ending December 24th, 2010, U.S. crude oil inventories decreased by 1.3 million barrels, gasoline inventories decreased by 2.3 million barrels, distillate inventories increased by 0.2 million barrels, and total petroleum inventories decreased by 9.1 million barrels.
After a brief pause last week, the total petroleum surplus resumed its downward trend. Stocks are now 56.2, or 5.5%, above the 5-year average, down from 6% last week. Back during the middle of September, the surplus was almost double what it is now at 111 million, or 10.7%.
Crude oil inventories fell seasonally, leaving the surplus in this category essentially unchanged at 24 million, or 7.7%.
Product inventories fell a little more than is typical, but overall, stocks are tracking about even with a year ago. Demand is picking up nicely, but refinery utilization is elevated as well, leaving products well-supplied.
Demand
Demand rose to the highest level since May 2008. On a four-week rolling basis, demand is now up 6.1% year-over-year. Gasoline demand is up 2.9% and distillate demand is up 4.9%. Well see if this impressive performance continues next year or if it is due in part to issues with how the EIA estimates demand. Many forecasters, including the IEA, are calling for a secular decline in developed world oil demand amid gains in efficiencies. If consumption instead continues to rebound, that may tighten the market more than is expected.
Imports
Imports were flat w/w. On a four-week rolling basis, imports have been 0.7 million barrels per day above last years levels.
Refinery Activity
Refinery utilization ticked higher from 87.7 % to 87.8% and remains above the 5-year average. Gasoline production fell, but distillate production is just shy of its record level.
Miscellaneous U.S. crude oil production was flat and has been remarkably stable near six-year highs over the past few months. Year-to-date oil output is up 3.5% from the year ago period.
Inventories at the NYMEX delivery point, Cushing, Oklahoma rose 250K last week. Front month calendar spreads widened week-over-week from -0.72 to -0.91. WTI remains at a substantial $3+ discount to Brent and $5+ discount to LLS thanks in part to the persistent glut at Cushing.
I wonder if the Commie’RATs will EVER figure out that oil is what makes America go and fuels economic recoveries. Without it, America will remain “in the ditch” that Barry and has ‘RATS have driven us into.
Thanks for shutting down Gulf oil drilling, President Jackhole
They know.
And the latest bulb technology is a LED bulb,
http://www.walmart.com/ip/Sunmia-120V-AC-Round-Frosted-LED-Bulb/14472542?sourceid=1500000000000003260370&ci_src=14110944&ci_sku=14472542
Look Mom, no Mercury! Sure glad I was holding out on replacing perfectly fine working light bulbs, if technological advances bring the price down, I may one day not have to do the latest green fad imposed by Government, requiring a HazMat team to clean up a broken bulb.
Just wait until we actually have an economy again and see what demand does.
Thank God for all the drilling that has been mandated for even with the massive drilling that we are doing now it will be difficult to keep up with demand when the economy is in full swing again.
Darn right they know. The government is effectively stealing from its citizens with crude and refined oil production policy.
All part of the manufactured crisis. You know why this is happening.
I don’t think this is signficant - seems somewhat normal. Lower production due to holidays and increased usage due to holidays. Things will swing back to normal in January.
Crude Oil Inventory Watch: U.S. Inventories Plunge
____
Am I the only one who is growing weary of Mainstream Media hyping a story?
The inventories did not plunge, the crude oil inventories only went down a measly 1.3 million barrels.
The chart shows gasoline inventories are at the 5 year average level. That is hardly a plunge.
And Mainstream Media wonders why people are cancelling their subscriptions.
LED lighting is *almost* within reach price wise for me (buying and converting in bulk).
Looking further the 5 year average inventory for crude oil at the end of December is 305 million barrels. The crude oil inventory at the end of December 2010 is 340 million barrels.
Therefore, a much more appropriate and not misleading headline would be;
“Crude Oil Inventories remain 10% above five year average. Crude oil prices continue to increase because governments around the world are printing money 24/7.”
As I see it, they want us to remain in the ditch. The last time I saw Barry he in Hawaii and sipping a "Slurpie". Back on the Northeast, the residents were getting a good look at the future ObamaAmerica, cold, wet and immobile.
I don't see that the nation will tolerate this kind of thing much longer..
LED bulb prices have been coming down. One day CFLs will be a thing of the past.
Oh, they know allright. That's why it is Public Enemy #1.
Yes, that’s good point, driving vs flying has become a factor. Some Democrat supporters may wise up and find themselves on the side of a conservative solution, so they can keep driving liberally as usual...
This was the headline article I heard during the week, my thought was even at a 20% drop, we’re still going to need lost of gasoline;
U.S. Starts to Show Less Appetite for Gasoline
it’s linked at the bottom of this article, and being I think Detroit News doesn’t allow links, I’ll keep my Freep conscious clear for the moment;
U.S. Gas Consumption Could Drop 20% in 20 Years
http://blogs.cars.com/kickingtires/2010/12/us-gas-consumption-to-drop-20-in-20-years.html
another scam
stop the da/n bs already
“Fossil Free” Fossil Fuels May Lie Deep Inside Earth
http://news.nationalgeographic.com/news/2009/07/090730-deep-fossil-fuel-supply.html
or if it is due in part to issues with how the EIA estimates demand.
Being manipulated just like the DJIA to increase the transfer of wealth out of the hands of the people.
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