Petroleum Inventory Report 12-31-08

Crude Oil up 500,000 barrels

Gasoline up 800,000 barrels

Distillates up 700,000 barrels

Refinery Utilization 82.5% down 2.2%

Oil Price Chart

Petroleum Inventory Report 12-24-08

Crude Oil down 3.1 million barrels

Gasoline up 3.3 million barrels

Distillates up 1.8 million barrels

Refinery Utilization 84.7%

Petroleum Inventory Report 12-10-08

Crude Oil up 400,000 barrels

Gasoline up 3.8 million barrels

Distillates up 5.6 million barrels

Refinery Utilization 87.4% up 3.1%

Petroleum Inventory Report 12-03-08

Crude Oil down 400,000 barrels

Gasoline down 1.6 million barrels

Distillates down 1.7 million barrels

Refinery Utilization 84.3% down 1.9%

Petroleum Inventory Report 11-26-08

Crude Oil up 7.3 million barrels

Gasoline up 1.9 million barrels

Distillates down 200,000 barrels

Refinery Utilization 86.2% up 1.3%

Petroleum Inventory Report 11-19-08

Crude Oil up 1.6 million barrels
Gasoline up 500,000 barrels
Distillates down 1.5 million barrels
Refinery Utilization 84.9% up 0.3%

Petroleum Inventory Report 11-13-08

Crude Oil up 220,000 barrels
Gasoline up 2 million barrels
Distillates up 516,000 barrels
Refinery Utilization 84.6% down .7%

Petroleum Inventory Report Delayed

The Weekly Petroleum Status Report will be released on Thursday, November 13, 2008 at
11:00 A.M. (Eastern Time) due to the closure of the Federal government on Tuesday, November 11 in honor of Veteran's Day.

Please check back tomorrow for this weeks inventory data.

Petroleum Inventory Report 11-05-08

Crude Oil unchanged
Gasoline up 1.1 million barrels
Distillates up 1.2 million barrels
Refinery Utilization 85.3% unchanged

Petroleum Inventory Report 10-29-08

Crude Oil up 500,000 barrels
Gasoline down 1.5 million barrels
Distillates up 2.3 million barrels
Refinery Utilization 85.3% up .5%

Petroleum Inventory Report 10-22-08

Crude Oil up 3.2 million barrels
Gasoline up 2.7 million barrels
Distillates up 2.2 million barrels
Refinery Utilization 84.8% up 2.6%

Petroleum Inventory Report 10-16-08

Crude Oil up 8.1 million barrels
Gasoline up 7.2 million barrels
Distillates down 500,000 barrels
Refinery Utilization 80.9% up 8.6%

Weekly Petroleum Status Report

Due to the Columbus Day holiday, the weekly petroleum status report will be released on Thursday, October 16 at 11:00am Eastern.

Please check back again at that time.

Petroleum Inventory Report 10-08-08

Crude Oil up 8.1 million barrels
Gasoline up 7.2 million barrels
Distillates down 500,000 barrels
Refinery Utilization 80.9% up 8.6%

Petroleum Inventory Report 10-01-08

Crude Oil up 4.3 million barrels
Gasoline up 900,000 barrels
Distillates down 2.3 million barrels
Refinery Utilization 72.3% up from 66.7%

Petroleum Inventory Report 9-24-08

Crude Oil down 1.5 million barrels
Gasoline down 5.9 million barrels
Distillates down 4.2 million barrels
Refinery Utilization 66.7%

Short Covering Leads To Record Jump In Oil

Crude oil futures contracts rose more than $25 a barrel during trading on the Nymex. Oil settled at $120.92 a barrel, up 17 percent for the day.

"Some folks got caught short," said James Williams, an economist at WTRG Economics. "The stocks at Cushing [Okla.], which is the delivery point for Nymex, will be low because they have been drawn down because of the hurricane."

So "if you are short on the last day of trading you have to either buy back the contract or make physical delivery and it is probably difficult to get spot oil at Cushing to make physical delivery," he explained.

Oil Production Update

PORT ARTHUR, Texas (Reuters) - Twelve of the 15 Texas oil refineries shuttered ahead of Ike showed no visible signs of flooding or damage in the storm's wake, although fewer than half of them appeared to have power, a Reuters eyewitness said on Sunday.

The assessment was in line with reports from emergency management officials that the state's refineries appeared to have escaped serious flooding -- a sign fuel production could resume more quickly than initially thought.

"Even though there is little indication of serious damage, I think it will be difficult to restart these oil refineries because of the power issue," said Chris Jarvis, senior analyst at Caprock Risk Management in Hampton Falls, New Hampshire. "Parts of the power system took a devastating hit."

Petroleum Inventory Report 9-04-08

Crude Oil down 1.9 million barrels
Gasoline down 1 million barrels
Distillates down 400,000 barrels
Refinery Utilization 88.7% up 1.4%

Petroleum Inventory Report 8-27-08

Crude Oil down 100,000 barrels
Gasoline down 1.2 million barrels
Distillates --unchanged
Refinery Utilization 87.3% up 1.6%

Petroleum Inventory Report 8-20-08

Crude Oil up 9.39 million barrels
Gasoline down 6.2 million barrels
Distillates up 500,000 barrels
Refinery Utilization 85.7% down .2%

Petroleum Inventory Report 8-13-08

Crude Oil down 400,00 barrels
Gasoline down 6.4 million barrels
Distillates down 1.7 million barrels
Refinery Utilization 85.9% down 1.1%

Oil is down almost 22 percent from the record-high of $147.27 on July 11. The New York futures contract traded near 115 on Friday.

The next level of technical support for West Texas Intermediate Crude Oil is the 200 day moving average of $109.54

Petroleum Inventory Report 8-06-08

Crude Oil up 1.6 million barrels
Gasoline down 4.3 million barrels
Distillates up 2.8 million barrels
Refinery Utilization 87% down .2%

Crude Oil Continues To Retreat

Petroleum Inventory Report 7-30-08

Crude Oil down 100,000 barrels
Gasoline down 3.5 million barrels
Distillates up 2.4 million barrels
Refinery Utilization 87.2% up.1%

Oil Breaks Below 50 Day Moving Average

Petroleum Inventory Report 7-23-08

Crude Oil down 1.5 million barrels
Gasoline up 2.8 million barrels
Distillates up 2.4 million barrels
Refinery Utilization 87.1% down 2.4%

Petroleum Inventory Report 7-16-08

Crude Oil up 3 million barrels
Gasoline up 2.4 million barrels
Distillates up 3.2 million barrels
Refinery Utilization 89.5% up .3%

Petroleum Inventory Report 7-09-08

Crude Oil down 5.84 million barrels
Gasoline up 900,000 barrels
Distillates up 1.8 million barrels
Refinery Utilization unchanged at 89.2%

Petroleum Inventory Report 7-02-08

Crude Oil down 2 million barrels
Gasoline up 2.1 million barrels
Distillates up 1.3 million barrels
Refinery Utilization 89.2% up 0.6%

Petroleum Inventory Report 6-25-08

Crude Oil up 800,000 barrels
Gasoline down 100,000 barrels
Distillates up 2.8 million barrels
Refinery Utilization 88.6% down 0.7%

August Brent crude rose $2.86 to settle at $134.86 a barrel on the ICE Futures Exchange.

Light, sweet crude for July delivery rose $2.69 to settle at $134.62 a barrel on the New York Mercantile Exchange.

Valero Awarded Military Contract

The Defense Department said late Wednesday that the Defense Logistics Agency awarded Valero Marketing & Supply Co., a unit of Valero Energy Corp., a $28.5 million contract to supply aviation fuel for the military.

Petroleum Inventory Report 6-18-08

Crude Oil down 1.2 million barrels
Gasoline down 1.2 million barrels
Distillates up 2.6 million barrels
Refinery Utilization 89.3% up 0.7%

Petroleum Inventory Report 6-11-08

Crude Oil down 4.6 million barrels
Gasoline up 1 million barrels
Distillates up 2.3 million barrels
Refinery Utilization 88.6% down 1.1%

Oil Surges Past $134 On Weak USD

Oil & Natural Gas Headlines

Oil Surges 13% In Two Days..........

Weakness in the USD and renewed conflicts in the Middle East spurred oil to new record highs. Crude oil gained more than $16 a barrel during the two day rally.

Petroleum Inventory Report 6-04-08

Crude Oil down 4.8 million barrels
Gasoline up 2.9 barrels
Distillates up 2.3 million barrels
Refinery Utilization 89.7% up 1.8%

Crude Oil Inventories Post Largest Decline Since 2004

Although analysts were expecting a slight increase in crude oil inventories, the Energy Department reports a decline of 8.8 million barrels. This is the largest weekly decline in crude oil inventories since September 2004.

Temporary delays in unloading oil tankers on the U.S. Gulf Coast are being cited as the primary catalyst for the inventory drop.

Crude prices have reversed earlier losses and are now trading up 66 cents to $131.69

Petroleum Inventory Report 5-29-08

Crude Oil down 8.8 million barrels
Gasoline down 3.2 barrels
Distillates up 1.6 million barrels
Refinery Utilization 87.9%............unchanged

Dollar Strength Pressures Oil

Strength in the US dollar contributed to a significant retreat in crude oil prices on Tuesday.

U.S light sweet crude for July delivery declined $3.34 to close at $128.85 a barrel in trading on the NYMEX.

Oil Closes Out Record Week

Tight supplies, a declining US dollar, and strong global demand propelled oil prices to record levels this week.

Brent North Sea oil hit a record high of $135.14 and New York light sweet crude reached a record $135.09 in trading on Thursday.

Oil Hits $134

Crude oil contracts for December 2016 delivery rose more than $20 a barrel (17%) after Goldman Sachs 16 raised its outlook to $141 a barrel for the second-half of 2008.

July crude oil rose $1, or 0.8 percent, to $134.17 a barrel at 9:04 a.m. in Sydney in after-hours trading on the NYMEX.

Chart note: The iPath Crude Oil Total Return Index is up more than 50% since February.

Petroleum Inventory Report 5-21-08

Crude Oil down 5.4 million barrels
Gasoline down 800,000 barrels
Distillates up 720,000 barrels
Refinery Utilization 87.9% up 1.3%

Oil Trades Above $130

Light, sweet crude for July delivery hit a record $130.47 a barrel in electronic trade on the NYMEX after closing at $128.98 in the floor session.

Supply concerns and renewed weakness in the US dollar continue to drive oil prices higher.

Petroleum Inventory Report 5-14-08

Crude Oil up 200,000 barrels
Gasoline down 1.7 million barrels
Distillates up 1.4 million barrels
Refinery Utilization 86.6% up 1.6%

Light, sweet crude is down 66 cents to $125.30 per barrel in premarket electronic trading on the NYMEX.

Oil Crosses $126

Oil gained nearly $10 a barrel this week.

Light, sweet crude for June delivery hit a new record of $126.25 on the NYMEX before pulling back to settle at $125.96.

Oil futures set new records for the fifth straight day, and ended the week up $9.64, or 8.3 percent.

Petroleum Inventory Report 5-07-08

Crude Oil up 5.7 million barrels
Gasoline up 800,000 barrels
Distillates down 100,000 barrels
Refinery Utilization 85% down .4%

Crude Spikes On Employment Data

Crude oil for June delivery rose $3.80, or 3.4 percent, to settle at $116.32 a barrel in trading on the NYMEX.

Light sweet crude for June delivery, is currently down 58 cents to $111.94 per barrel as strength in the US dollar continues to pressure commodity prices.

Petroleum Inventory Report 4-30-08

Crude Oil up 3.8 million barrels
Gasoline down 1.5 million barrels
Distillates up 1.1 million barrels
Refinery Utilization 85.4% down .2%

China's oil consumption hits record high in Q1

BEIJING, (Xinhua) -- Soaring oil prices have not slowed China's consumption of oil as statistics show that China's apparent consumption of crude oil and refined oil products both hit record highs in the first quarter of the year.

According to statistics released Tuesday by the China Petroleum and Chemical Industry Association (CPCIA), China's apparent consumption of oil products composed of gasoline, diesel and kerosene rose by 16.5 percent year on year to 52.73 million tonnes in the first three months, and crude oil, rose by eight percent to91.8 million tonnes.

The "apparent consumption" represents the sum of net imports and output and could be taken as an index for the real oil consumption excluding inventory. The growth of oil products consumption was a record high and much higher than the same period of last year, which was only 3.6 percent, said Shu Zhaoxia, professor of the Economics and Development Research Institute of China Petrochemical Corporation (Sinopec Group). Sinopec Group is China's top oil refiner.

The growth of crude oil consumption was 2.5 percentage points higher than a year ago. State ceilings on prices of domestic oil products was the major reason contributing to China's surging oil consumption in the first quarter. Below-cost fuel prices did not restrain China's demand for oil but rather boosted it, said Shu.

Petroleum Inventory Report 4-23-08

Crude Oil up 2.4 million barrels
Gasoline down 3.2 million barrels
Distillates down 1.4 million barrels
Refinery Utilization 85.6% up 4.2%

OPEC Secretary General Comments On Oil Market

ROME (AP) — OPEC Secretary-General Abdullah el al-Badri said Sunday oil prices would likely go higher and that the group was ready to raise production if the price pressure was due to a shortage of supply — something he doubted.

"Oil prices, there is a common understanding that has nothing to do with supply and demand," al-Badri said on the sidelines of an energy conference in Rome.

The OPEC chief said the Organization for Petroleum Exporting Countries "will not hesitate" to increase production if the group thought the higher prices were due to shortages. But he said more oil will not solve the high prices.

"But how much higher it will go, of course it depends on a number of things: the political situation, whether there is a natural catastrophe, whether there are speculations in the market, whether there are strikes in certain producing countries. So there are many other factors other than OPEC production," al-Badri said.

Crude oil hit record highs for the fifth consecutive day on Friday.

Crude oil settled at a record $116.69 in NYMEX trading.

Light, sweet crude for May delivery rose to a new trading record of $117 in after-hours electronic trading Friday.

Petroleum Inventory Report 4-16-08

Crude Oil down 2.3 million barrels
Gasoline down 5.5 million barrels
Distillates up 100,000 barrels
Refinery Utilization 81.4% down 1.6%

Oil climbed to $114.08 a barrel in New York, the highest since futures began trading in 1983.

USD Weakness Continues To Lift Oil Prices

Light, sweet crude for May delivery rose $1.62 to settle at a record $111.76

Analysts Tout Valero In Barron's

From Barron's

"we're getting close to a trough in spreads," says Rob Lloyd, a Valero fan and lead manager of AIM Constellation and AIM Summit Funds. He thinks the long-term bullish case for refiners is intact, given how tough it is to build refineries in the U.S.

"even with these numbers down, they're going to be profitable," says Lloyd. He sees Valero earning $6.25 a share this year, for $3.5 billion in net income. "They'll do $2 billion in stock buybacks, no problem, and that's assuming they don't sell any refineries."

NYMEX Crude Hits New Record........U.S. crude for May delivery gained $2.37 to settle at $110.87 a barrel on the New York Mercantile Exchange.

Oil set a new intraday high of $112.21 earlier in the session. The previous intraday high of $111.80 was set March 17. The previous closing high of $110.33 was set March 13.

Petroleum Inventory Report 4-09-08

Crude Oil down 3.2 million barrels
Gasoline down 3.4 million barrels
Distillates down 3.7 million barrels
Refinery Utilization up .6% to 83%

Decreased output from OPEC and a weakening US Dollar helped crude oil rally on Monday. Crude for May delivery rose $2.86, or 2.7 percent, to settle at $109.09 a barrel in trading on the NYMEX.

Light, sweet crude for May delivery rose 80 cents to $107.03 a barrel in electronic trading on the New York Mercantile Exchange in early trading on Monday.

A weak USD and a reduction in OPEC output is fueling the oil rally.

OPEC Output

OPEC pumped an average 32.35 million barrels a day last month, down 85,000 barrels from February, according to the survey of oil companies, producers and analysts. February output was revised up by 160,000 barrels a day. Production by the 12 members with quotas, all except Iraq, fell 30,000 barrels to 29.97 million barrels a day.

The decline in March was the first drop in seven months.

CanArgo Comments On Market Speculation

CanArgo Energy Corporation ("CanArgo" or the "Company") (AMEX: CNR)(OSLO: CNR) today makes the following announcement in response to market speculation:

The Company noted in its recently filed Annual Report on Form 10-K that in order to continue with its planned development activities in Georgia, it was currently investigating fundraising proposals and that it would require to raise additional capital in 2008. The Company confirms that it is continuing to seek such funding and is in active discussions in connection with a potential fundraising. However, no agreement has yet been reached in relation to such a fundraising. A further announcement will be made in due course. Continued.......

Petroleum Inventory Report 4-02-08

Crude Oil up 7.4 million barrels
Gasoline down 4.5 million barrels
Distillates down 1.6 million barrels
Refinery Utilization up .2% to 82.4%

Expect crude oil to remain range bound between $100 and $110 a barrel as the evolving factors of supply disruptions, global economic uncertainty, and a weakening US dollar continue to create volatility in the energy markets.

Chesapeake Energy Corporation Announces Pricing of Common Stock Offering

Chesapeake Energy Corporation (NYSE:CHK) today announced that it has priced a public offering of 20 million shares of its common stock at $45.75 per share. The company has also granted the underwriters a 30-day option to purchase a maximum of three million additional shares of its common stock. Chesapeake expects the issuance and delivery of the shares to occur on April 2, 2008, subject to customary closing conditions.
Continued,link

Crude prices continued to surge on Thursday with light, sweet crude oil for May delivery gaining $1.68 to close at $107.58 a barrel.

Petroleum Inventory Report 3-26-08

Crude -unchanged
Gasoline down 3.3 million barrels
Distillates down 2.2 million barrels
Refinery Utilization down 1.6% to 82.2%

USD Strength Pressures Crude Prices

A stronger US Dollar is continuing to pressure crude oil prices. Light sweet crude for May delivery fell 98 cents, to $100.86 per barrel in Monday's NYMEX trading. The next key level of support for West Texas Intermediate Crude is the 50 day moving average of $96.97

Oil prices pulled back considerably this week. The next levels of technical support are $100 and the 50 day moving average of $96.83.

Petroleum Inventory Report 3-19-08

Crude up 200,000 barrels
Gasoline down 3.5 million barrels
Distillates down 2.9 million barrels
Refinery Utilization down 1.2% to 83.8%

Crude Oil Stages Record Run

Light, sweet crude for April delivery on the New York Mercantile Exchange dropped 29 cents to $110.04. The contract set a record closing price of $110.33 on Thursday.

Petroleum Inventory Report 3-12-08

Crude up 6.2 million barrels
Gasoline up 1.7 million barrels
Distillates down 1.2 million barrels
Refinery Utilization down .09%% to 85%

Petroleum Inventory Report 3-05-08

Crude down 3.1 million barrels
Gasoline up 1.7 million barrels
Distillates down 2.4 million barrels
Refinery Utilization up 1.2% to 85.9%

Petroleum Inventory Report 2-27-08

Crude up 3.2 million barrels
Gasoline up 2.3 million barrels
Distillates down 2.5 million barrels
Refinery Utilization up 1.2% to 84.7%

Oil Prices Breaking Out

Petroleum Inventory Status Report 2-21-08

Crude up 4.2 million barrels
Gasoline up 1.1 million barrels
Distillates down 4.5 million barrels
Refinery Utilization down 1.6% to 83.5%

Crude Oil Rockets Past $100

Rumors of OPEC production reductions and supply disruptions helped drive crude prices above $100 a barrel in Tuesdays trading.

Crude Prices Breaking Through Resistance

West Texas Intermediate Crude prices have broken above the technical resistance level of $95

Four people are reported injured in an explosion at the Alon USA Energy (NYSE ALJ) refinery in Big Spring, Texas.

ALJ has halted the flow of crude into the refinery and the fire is currently under control. The ALJ refinery processes 67,000 barrels of crude daily.

It is currently unclear as to when the facility will be able to resume normal production.

Shares of ALJ have declined dramatically in recent months and are at multi year lows.

ALJ Refinery Video

Petroleum Inventory Status Report 2-13-08

Crude up 1.1 million barrels
Gasoline up 1.7 million barrels
Distillates down 100,000 barrels
Refinery Utilization up .08% to 85.1%

West Texas Intermediate Crude prices have moved above the 50 day moving average.

Petroleum Status Report 2-06-08

Crude up 7 million barrels
Gasoline up 3.6 million barrels
Distillates up 100,000 barrels
Refinery Utilization down .7% to 84.3%

The Oil Service Holders Index is once again bouncing off the 150 level.

Petroleum Status Report 1-30-08

Crude up 3.6 million barrels
Gasoline up 3.6 million barrels
Distillates down 1.5 million barrels
Refinery Utilization 85%

Petroleum Status Report 1-24-08

Crude up 2.3 million barrels
Gasoline up 5 million barrels
Distillates down 1.3 million barrels

Petroleum Status Report 1-16-08

Crude up 4.3 million barrels
Gasoline up 2.2 million barrels
Distillates up 1.1 million barrels
Refinery Utilization 87.1% down 4.2%

Petroleum Status Report 1-09-08

Crude down 6.8 million barrels
Gasoline up 5.3 million barrels
Distillates up 1.5 million barrels
Refinery Utilization 91.3%

Oil Service Holders Index Tests 50 day moving average