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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: SargeK who wrote (37716)2/18/1999 11:21:00 AM
From: Mike from La.  Read Replies (1) of 95453
 
Watch
February 18, 1999
Crude stocks were down 1.7 million barrels (MMB) at 331.7 MMB on February 12, 1999, due to increased crude inputs and lowered crude production. Inputs rose to 14.6 million barrels per day on boosts by refiners in PADDs II and III. In PADD III, input gained 0.3 million barrels per day (MMBD) to 6.9 MMBD. Several refiners are completing turnaround actions this week.

On February 12, there was a brief uptick in the closing spot price of WTI-Cushing crude, which ended the day at $11.90, as other prices headed lower. The estimated world price of a barrel of crude was $9.47, matching the U.S. price. A year ago, those prices were $13.04 and $13.31, respectively. Reflecting the sharply lower prices for crude oil, this week the EIA estimated crude oil production at barely 6.1 MMBD after averaging 6.4 MMBD previously. Part of that decline was also attributed to decreased production in Alaska when the TAPS pipeline and storage at Valdez were full. Shipping in and out of West Coast and Alaskan ports has been affected by weather.

Is the most important part of this report that although imports increased, overall storage decreased DUE TO DECREASED PRODUCTION? Are we finally seeing the results of the shut-inss and cut budgets? If so, it may the the start of a trend that will continue and gain momentum as the full effects make themselves felt.

Mike from La.

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