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

Wednesday's Petroleum Inventory Report by the U.S. Department of Energy's Energy Information Administration showed that crude oil inventories rose by 2.1 million barrels in the week ending Friday to 334.5 million barrels. Traders, on average, had expected crude oil inventories to fall by 1.2 million barrels, according to a Dow Jones Newswires survey of analyst estimates.

Gasoline inventories fell by 2.8 million barrels. Analysts had expected a 200,000-barrel increase in gasoline inventories. Distillate stockpiles, which include heating oil and diesel fuel, remained flat as heating oil inventories fell while diesel stockpiles rose.

Light, sweet crude for June delivery rose $1.26 cents to settle at $65.84 on the New York Mercantile Exchange. The contract fell $1.31 a barrel on Tuesday.

Brent crude for June delivery gained $1.41 to settle at $68.57 a barrel on the ICE Futures exchange in London.

Gasoline futures gained 7.37 cents to settle at $2.2826 a gallon.

Baker Hughes reported EPS of $1.17 versus estimates of $1.10, while revenue rose 20% in the quarter to $2.47 billion. North American revenue was up 14% at Baker Hughes (to $1.047b); the company is forecasting about 7% growth in that market for the rest of the year and 19% to 20% for international markets.

Petroleum Inventory Report

Gasoline Inventories down 2.7 Million Barrels

Crude Inventories down 1Million Barrels

Distillates down 0.8 Million Barrels