Petroleum Status Report 5-31-07

Crude draw 2 Million barrels
Gasoline up 1.3 Million barrels
Distillates up 100,000 barrels
Refinery Utilization 91.7%

Crude up 2 Million barrels
Gasoline up 1.5 Million barrels
Distillates up 500,000 Million barrels
Refinery Utilization 91.1%

This 6 month chart of $WTIC (Light Crude Continuous Contract) shows a quadruple top forming at the $67 level. If prices can break through this overhead resistance they should be poised to move toward the $70 level.

Crude oil broke above $64 a barrel in New York trading amid renewed concern that U.S. gasoline supplies will not be able to meet the demand of the summer driving season.

Wednesday's EIA report showed gasoline inventories last week were 7.5 percent below their five-year average for the period.

Crude oil for June delivery rose $1.50, or 2.4 percent, to $64.05 a barrel at 1:10 p.m. on the New York Mercantile Exchange. Futures touched $64.20, the highest since May 2. Prices are 6.5 percent lower than a year ago.

Petroleum Status Report 5-16-07

Crude up 1 Million barrels
Gasoline up 1.7 Million barrels
Distillates up 1 Million barrels
Refinery Utilization up .5% to 89.5%

Predictions For Wednesday's EIA [Energy Information Administration] Report

Michael Fitzpatrick, an analyst at Man Financial, expects the data to show fourth-weekly climb in crude supplies, up 1.8 million barrels for the week ended May 11. Wachovia Corp. expects crude supplies to be unchanged, but a Platts' survey shows that analysts are generally looking for a climb of 200,000 barrels.

Fitzpatrick expects to see a second-weekly climb in motor gasoline supplies of 500,000 barrels, and an increase of 1.1 million barrels in distillate inventories. Wachovia predicts a rise of 1.25 million barrels in gasoline inventories and a rise of 250,000 barrels for distillates. And the Platts' survey calls for a 900,000-barrel increase in gasoline and a 1.4 million-barrel rise in distillates.

Petroleum Demand May Outstrip Supply

The International Energy Agency (IEA) says the Organization of Petroleum Exporting Countries (OPEC) needs to increase output in order to meet an expected jump in oil product demand of 1.6 million barrels a day in June.

"Steady output at current levels would lead (to OPEC) undershooting our calculated range for the call on its crude, and thus tightening stocks further," the IEA said.

Gasoline supplies are at the lowest levels since October 2005 following Hurricanes Katrina and Rita

Petroleum Status Report 5-09-07

Crude up 5.6 Million barrels
Gasoline up 400,000 Million barrels
Distillates up 1.7 Million barrels

Petroleum Status Report 5-02-07

Crude up 1.1 Million barrels
Gasoline down 1 Million barrels
Distillates down 200,00 barrels