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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Square_Dealings who wrote (15032)	6/8/2004 9:16:40 PM
From: russwinter	Read Replies (2) \| Respond to of 110194

MoP helping bag men and apparatchiks get some cheap energy, as here comes the Nigerian strike, starts 7:00 PM EST nlcng.org

To: Square_Dealings who wrote (15032)	6/9/2004 10:45:06 AM
From: russwinter	Respond to of 110194

Energy inventories: hardly bearish, bullish I'd say. Big effort to boost gasoline, while neglecting fuel oil and distillates: just stop gap measures. Summary of Weekly Petroleum Data for the Week Ending June 4, 2004 U.S. crude oil refinery inputs averaged 16.0 million barrels per day during the week ending June 4, up 204,000 barrels per day from the previous week's average. Refineries operated at 96.0 percent of their operable capacity last week. However, motor gasoline production declined, averaging nearly 8.7 million barrels per day. U.S. crude oil imports averaged nearly 10.5 million barrels per day last week, down 220,000 barrels per day from the previous week, which was the second largest weekly average ever. Over the last four weeks, crude oil imports have averaged 10.4 million barrels per day. Although the origins of weekly crude oil imports are preliminary and thus not published, it appears that crude oil imports from Canada were relatively large last week. Total motor gasoline imports (including both finished gasoline and gasoline blending components) averaged over 1.0 million barrels per day last week, up 38,000 barrels per day from the previous week. Distillate fuel imports averaged 332,000 barrels per day last week. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) rose by 0.4 million barrels from the previous week. At 302.1 million barrels, U.S. crude oil inventories are currently 11.8 million barrels less than the 5-year average for this time of year, and at the highest level since the week ending August 23, 2002. Motor gasoline inventories increased by 2.1 million barrels last week, and are 7.8 million barrels below the 5-year average. Distillate fuel inventories declined by 0.6 million barrels, with a decrease in low-sulfur distillate fuel (diesel fuel) more than offsetting an increase in high-sulfur distillate fuel (heating oil). At 108.3 million barrels, distillate fuel inventories are 7.5 million barrels below the 5-year for this time of year. Total commercial petroleum inventories are 55.7 million barrels less than the 5-year average. Total product supplied over the last four-week period has averaged nearly 20.5 million barrels per day, or 5.9 percent more than averaged over the same period last year. Motor gasoline demand over the last four weeks has averaged over 9.1 million barrels per day, or 0.4 percent above the same period last year. Distillate fuel demand is up 8.9 percent, while kerosene-type jet fuel demand is up 9.1 percent over the last four weeks compared to the same four-week period last year.