Working gas in storage was 1,511 Bcf as of Friday, March 23, 2007, according to EIA estimates. This represents a net decline of 22 Bcf from the previous week. Stocks were 209 Bcf less than last year at this time and 267 Bcf above the 5-year average of 1,244 Bcf. In the East Region, stocks were 76 Bcf above the 5-year average following net withdrawals of 41 Bcf. Stocks in the Producing Region were 149 Bcf above the 5-year average of 448 Bcf after a net injection of 13 Bcf. Stocks in the West Region were 42 Bcf above the 5-year average after a net addition of 6 Bcf. At 1,511 Bcf, total working gas is within the 5-year historical range.

Summary of Weekly Petroleum Data for the Week Ending March 23, 2007

U.S. crude oil refinery inputs averaged nearly 15.0 million barrels per day
during the week ending March 23, up 167,000 barrels per day from the previous
week's average.  Refineries operated at 87.0 percent of their operable capacity
last week.  Gasoline production increased slightly compared to the previous
week, averaging over 8.9 million barrels per day, while distillate fuel
production decreased, averaging over 4.0 million barrels per day.

U.S. crude oil imports averaged over 9.6 million barrels per day last week, down
786,000 barrels per day from the previous week. Over the last four weeks, crude
oil imports have averaged nearly 9.7 million barrels per day, or 159,000 barrels
per day less 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 over 1.1 million barrels per day. Distillate fuel
imports averaged 349,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic
Petroleum Reserve) fell by 0.9 million barrels compared to the previous week. 
At 328.4 million barrels, U.S. crude oil inventories are above the upper end of
the average range for this time of year.  Total motor gasoline inventories
declined by 0.3 million barrels last week, and are in the upper half of the
average range.  Distillate fuel inventories decreased by 0.7 million barrels,
and are near the upper end of the average range for this time of year.  Most of
the decline was in heating oil inventories (high- sulfur), while diesel fuel
inventories (the sum of ultra-low and low- sulfur) inventories were relatively
unchanged. Propane/propylene inventories fell by 0.7 million barrels last week.
Total commercial petroleum inventories increased by 0.4 million barrels last
week, and are in the upper half of the average range for this time of year.

Total products supplied over the last four-week period has averaged 21.1 million
barrels per day, or 2.4 percent above the same period last year.  Over the last
four weeks, motor gasoline demand has averaged 9.2 million barrels per day, or
1.6 percent above the same period last year.  Distillate fuel demand has
averaged above 4.4 million barrels per day over the last four weeks, unchanged
compared to the same period last year. Jet fuel demand is up 3.8 percent over
the last four weeks compared to the same four-week period last year.

The Oil Services Index ($OSX) is on the verge of a major breakout. This one year chart shows the index poised for a double top breakout which may propel it toward the highs set last May.

Summary of Weekly Petroleum Data for the Week Ending March 16, 2007

U.S. crude oil refinery inputs averaged nearly 14.8 million barrels per day
during the week ending March 16, up 197,000 barrels per day from the previous
week's average. Refineries operated at 86.3 percent of their operable capacity
last week. Gasoline production increased slightly compared to the previous
week, averaging 8.8 million barrels per day, while distillate fuel production
increased more substantially, averaging over 4.1 million barrels per day.

U.S. crude oil imports averaged over 10.4 million barrels per day last week, up
616,000 barrels per day from the previous week. Over the last four weeks, crude
oil imports have averaged nearly 9.7 million barrels per day, or 200,000 barrels
per day less 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 803,000 barrels per day. Distillate fuel imports
averaged 221,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic
Petroleum Reserve) rose by 4.0 million barrels compared to the previous week.
At 329.3 million barrels, U.S. crude oil inventories are above the upper end of
the average range for this time of year. Total motor gasoline inventories
dropped by 3.4 million barrels last week, and are in the upper half of the
average range. Distillate fuel inventories declined by 1.7 million barrels, and
are near the upper end of the average range for this time of year. Most of the
decline was in diesel fuel inventories (the sum of ultra-low-sulfur and
low-sulfur), while high-sulfur distillate fuel (heating oil) inventories also
declined, but by a much smaller amount. Propane/propylene inventories fell by
1.8 million barrels last week. Total commercial petroleum inventories decreased
by 2.9 million barrels last week, and are in the upper half of the average range
for this time of year.

Total products supplied over the last four-week period has averaged over 21.3
million barrels per day, or 4.0 percent above the same period last year. Over
the last four weeks, motor gasoline demand has averaged nearly 9.2 million
barrels per day, or 2.1 percent above the same period last year. Distillate
fuel demand has averaged over 4.5 million barrels per day over the last four
weeks, or 3.0 percent above the same period last year. Jet fuel demand is up 4.5
percent over the last four weeks compared to the same four-week period last
year.

Working gas in storage was 1,516 Bcf as of Friday, March 9, 2007, according to EIA estimates. This represents a net decline of 115 Bcf from the previous week. Stocks were 324 Bcf less than last year at this time and 158 Bcf above the 5-year average of 1,358 Bcf. In the East Region, stocks were 35 Bcf above the 5-year average following net withdrawals of 92 Bcf. Stocks in the Producing Region were 103 Bcf above the 5-year average of 461 Bcf after a net withdrawal of 22 Bcf. Stocks in the West Region were 19 Bcf above the 5-year average after a net drawdown of 1 Bcf. At 1,516 Bcf, total working gas is within the 5-year historical range.

Oil prices inched up Wednesday after a government report showed that crude stocks rose less than expected last week while product inventories fell more than analysts had forecast.

Light, sweet crude for April delivery rose 2 cents to $57.95 a barrel in late morning trading on the New York Mercantile Exchange.

The Brent crude contract for April added 5 cents to $60.95 a barrel on the ICE Futures exchange in London.

The Energy Department reported Wednesday that crude inventories rose last week to 325.3 million barrels, up by 1.1 million barrels, higher than analyst expectations. Analysts polled by Dow Jones Newswires estimated an average gain of 1.4 million barrels.

Meanwhile, gasoline inventories fell by 2.5 million barrels last week, above expectations of a 2.1 million barrel decline. Inventories for distillate stocks – which include heating oil and diesel fuel – fell by 2.8 million barrels, more than estimates of a 1.9 million barrel drop.

Crude, gasoline and distillate inventories are at the upper end of average for this time of year.

The drawdown in gasoline stocks failed to inspire any buying, with gasoline futures edging down less than a penny to $1.9226 a gallon. Heating oil futures gained a fraction of a cent to $1.6935 a gallon.

“Overall, all the numbers are very bullish. There is nothing bearish at all about this report,” said Phil Flynn, an energy analyst at Alaron Trading Corp. in Chicago. “But I think traders are still concerned that the stock market is soft.”

The April crude contract dipped by almost a dollar on Tuesday to settle at $57.93 a barrel following a decline in Wall Street which stirred worries about the U.S. economy and demand for energy.

The Organization of Petroleum Exporting Countries is set to meet on Thursday amid expectations that oil ministers would opt to keep output steady.

In other Nymex trading, natural gas prices rose 8.6 cents to $6.978 per 1,000 cubic feet.

Working gas in storage was 1,631 Bcf as of Friday, March 2, 2007, according to EIA estimates. This represents a net decline of 102 Bcf from the previous week. Stocks were 268 Bcf less than last year at this time and 194 Bcf above the 5-year average of 1,437 Bcf. In the East Region, stocks were 70 Bcf above the 5-year average following net withdrawals of 78 Bcf. Stocks in the Producing Region were 113 Bcf above the 5-year average of 473 Bcf after a net withdrawal of 6 Bcf. Stocks in the West Region were 12 Bcf above the 5-year average after a net drawdown of 18 Bcf. At 1,631 Bcf, total working gas is within the 5-year historical range.

Oil prices jumped by more than $1 per barrel Wednesday, after the U.S. government reported an unexpected drop in crude oil inventories last week.

Light, sweet crude for April delivery surged $1.12 to $61.81 a barrel in morning trading on the New York Mercantile Exchange.

Brent crude for April delivery spiked $1.01 to $62.40 a barrel on London's ICE Futures Exchange.

The U.S. Energy Information Administration said crude oil stockpiles fell by 4.8 million barrels to 324.2 million barrels last week. Analysts, on average, had been expecting an increase in crude inventories of 2 million barrels, according to a Dow Jones Newswires survey.

Total gasoline inventories fell by 3.8 million barrels to 216.4 million barrels, a sharper decline than the 1.4 million barrel drop that analysts had expected.

Distillate fuel inventories, which include diesel and heating oil, fell by 1.3 million barrels to 123.2 million, compared with the 2.3 million barrel slide analysts had expected.

Heating oil futures rose 2.07 cents to $1.768 a gallon and natural gas gained less than a penny to $7.475 per 1,000 cubic feet. Gasoline futures rose 2.92 cents to $1.8825.

Also buoying crude prices was a U.S. Energy Information Administration's short-term energy outlook released Tuesday. The EIA predicted that oil demand will be 2.7 percent higher in the first quarter of 2007 than the same period a year ago, and that natural gas demand will surge 11 percent this year from 2006.

Working gas in storage was 1,733 Bcf as of Friday, February 23, 2007, according to EIA estimates. This represents a net decline of 132 Bcf from the previous week. Stocks were 263 Bcf less than last year at this time and 179 Bcf above the 5-year average of 1,554 Bcf. In the East Region, stocks were 71 Bcf above the 5-year average following net withdrawals of 98 Bcf. Stocks in the Producing Region were 91 Bcf above the 5-year average of 501 Bcf after a net withdrawal of 24 Bcf. Stocks in the West Region were 16 Bcf above the 5-year average after a net drawdown of 10 Bcf. At 1,733 Bcf, total working gas is within the 5-year historical range.

Light, sweet crude for April delivery gained 13 cents to $61.27 a barrel on the New York Mercantile Exchange in afternoon trading, after earlier rising as high as $61.75. Friday's closing price of $61.14 was the highest since Dec. 22.

April Brent crude on London's ICE Futures exchange rose 24 cents to $61.12 a barrel on Monday.

Nymex heating oil prices rose less than 1 cent to $1.7539 a gallon while natural gas futures fell 9.3 cents to $7.662 per 1,000 cubic feet.

U.S. inventory figures released last Thursday showed a larger-than-expected decline in distillates, which include heating oil and diesel, as well as a drop in gasoline inventories.

Several analysts are forecasting a decline in stockpiles of heating oil when the government issues its weekly inventory report on Wednesday, said Jason Schenker, an economist with Wachovia Corp. However, Schenker said he expects the drop to be much smaller compared with the prior week.

Working gas in storage was 1,865 Bcf as of Friday, February 16, 2007, according to EIA estimates. This represents a net decline of 223 Bcf from the previous week. Stocks were 296 Bcf less than last year at this time and 182 Bcf above the 5-year average of 1,683 Bcf. In the East Region, stocks were 87 Bcf above the 5-year average following net withdrawals of 151 Bcf. Stocks in the Producing Region were 84 Bcf above the 5-year average of 532 Bcf after a net withdrawal of 60 Bcf. Stocks in the West Region were 12 Bcf above the 5-year average after a net drawdown of 12 Bcf. At 1,865 Bcf, total working gas is within the 5-year historical range.

- Oil fell on expectations temperatures in the US Northeast are set to moderate, decreasing heating oil demand.

At 3.27 pm, front-month Brent North Sea crude contracts for April delivery were down 88 cents to 57.26 usd per barrel. The contracts dipped 81 cents to close at 58.14 usd yesterday.

Meanwhile, front-month New York light sweet crude contracts for March delivery, which expire later today, were trading at 57.71 usd a barrel, down 1.66 usd from Friday's close. NYMEX did not issue a settlement price yesterday as US markets were closed for the Presidents Day holiday.

'Prices have pulled back significantly, particularly heating oil, as weather remains the primary focus,' said Fimat analyst Mike Fitzpatrick.