Oil Breaks Through $70.........

West Texas Intermediate Crude for July delivery closed at $70.68 per barrel.

The represents the highest close for WTI since August 31, 2006.

API Inventory Numbers......Week Ending 6-22-07

American Petroleum Institute

• Crude -- ----- increase 2.4 million barrels
• Distillates-----decline 1.7 million barrels
• Gasoline ------decline 5.3 million barrels
  

Petroleum Status Report 6-27-07

EIA.....U.S. Department of Energy

Crude up 1.6 million barrels
Gasoline down 700,000 barrels
Distillates down 2.3 Million barrels
Refinery Utilization 89.4%

The Oil Service sector continued it's bullish run last week with the OSX (Oil Service Index) once again hitting record highs.

Petroleum Status Report 6-20-07

Crude up 6.9 Million barrels
Gasoline up 1.8 Million barrels
Distillates up 100,000 barrels
Refinery Utilization 87.6%

Oil Service Index Hits Record High

The PHLX OIL SERVICE SECTOR INDEX hit an all time record high of 266.50 on Friday.

Petroleum Status Report 6-13-07

Crude up 100,000 barrels
Gasoline Inventories Unchanged
Distillates up 300,000 barrels
Refinery Utilization 89.2%

In a speech to the Asia Oil and Gas Conference, ConocoPhillips Chairman and CEO James Mulva
stated that 'vast new areas' will have to be opened up in order to meet a projected 40 pct growth in demand for oil over the next 20 years.

'By 2030 we would have to bring on line 105 million barrels a day of new production. To meet this challenge, vast new areas will need to be opened and explored.'

'New technology will be needed to access resources that are in more remote locations, or trapped in unconventional reservoirs.'

According to the Paris-based International Energy Agency, the world will require 120 million barrels of oil per day by 2030. Currently consumption is 85 million barrels a day.

The IEA has projected that the demand for natural gas will grow at an even faster pace than oil, rising 66% by 2030.

'Regional gas markets are growing and price realisations are rising. These factors now make gas a prime exploration target, instead of merely an adjunct to the search for oil,' Mulva said.

Petroleum Status Report 6-06-07

Crude up 100,000 barrels
Gasoline up 3.5 Million barrels
Distillates up 1.9 Million barrels
Refinery Utilization 89.6%

Summary of Weekly Petroleum Data for the Week Ending June 1, 2007

U.S. crude oil refinery inputs averaged nearly 15.4 million barrels per day
during the week ending June 1, down 235,000 barrels per day from the previous
week's average. Refineries operated at 89.6 percent of their operable capacity
last week. Gasoline production dropped slightly compared to the previous week,
averaging over 9.2 million barrels per day, while distillate fuel production
also declined, averaging nearly 4.3 million barrels per day.

U.S. crude oil imports averaged over 10.2 million barrels per day last week, up
222,000 barrels per day from the previous week. Over the last four weeks, crude
oil imports have averaged nearly 10.4 million barrels per day, or 147,000
barrels per day more than averaged over the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline
blending components) last week averaged 1.5 million barrels per day. Distillate
fuel imports averaged 229,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic
Petroleum Reserve) inched higher by 0.1 million barrels compared to the previous
week. At 342.3 million barrels, U.S. crude oil inventories are just above the
upper end of the average range for this time of year. Total motor gasoline
inventories climbed by 3.5 million barrels last week, but remain well below the
lower end of the average range. Distillate fuel inventories increased by 1.9
million barrels per day, and are just below the upper end of the average range
for this time of year. While heating oil (high-sulfur) inventories were
relatively unchanged, regular diesel fuel (low-sulfur) and ultra-low sulfur
diesel fuel inventories increased. Propane/propylene inventories rose by 1.6
million barrels last week. Total commercial petroleum inventories increased by
3.7 million barrels last week, and are in the middle of the average range for
this time of year.

Total products supplied over the last four-week period has averaged nearly 21.0
million barrels per day, or 2.4 percent above the same period last year. Over
the last four weeks, motor gasoline demand has averaged nearly 9.5 million
barrels per day, or 1.5 percent above the same period last year. Distillate
fuel demand has averaged nearly 4.2 million barrels per day over the last four
weeks, up 2.6 percent compared to the same period last year. Jet fuel demand is
up 0.9 percent over the last four weeks compared to the same four-week period
last year.