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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Salt'n'Peppa who wrote (124177)	9/11/2009 9:24:50 AM
From: Dennis Roth	2 Recommendations Respond to of 206176

RESEARCH - DOE Inventory Data - Surprise gasoline build - Mark Flannery + The DOE just reported: 1) A larger-than-expected 5.9 MMB crude draw vs. expectations of a 1.9 MMB crude draw. 2) A surprise 2.1 MMB gasoline build vs. expectations of a 1.5 MMB gasoline draw. 3) A larger-than-expected 2.0 distillate build vs. expectations of a 1.0 MMB distillate build. 4) Refinery utilization were relatively unchanged at 87.2%, as compared to the forecast of a 0.38% decrease. Conclusion: The larger-than-expected crude draw was mainly driven by a drop in crude imports (down 5.0% or 481,000 bpd). Apparent gasoline demand was up 2.1% y-o-y for this week but down 0.7% y-o-y on a 4-week average basis while apparent distillate demand was off 10.6% y-o-y for the week or 16.1% on a 4-week average. YTD, apparent gasoline demand is down 1.8% while apparent distillate demand is off 13.1%. Demand for Total oil products fell this past week on a w-o-w basis and was down 1.0% to 19.5 MMBD and is down 3.2% y-o-y on a 4-week average basis. Credit Suisse Note published 10th September 2009 --- Oil Inventory Watch: Crude Draws But Gasoline & Distillate Build; Cracks Fall Sharply 12 pages citigroupgeo.com Excerpt: Total Crude and Product Stocks Fall -- Total combined crude & product stocks fell 5.1mmbbls vs. a normal seasonal draw of 4.4. Utilization was flat at 87% and remains too high to balance supply with demand. Crudes tock fell by 5.9mmbbls versus an expected draw of 1.9mmbbls. High through put and falling imports (down 5% to 9.1mmb/d) caused the crude draw. Distillate and gasoline builds were partially offset by draws in other oils, unfinished oils and jet. Gasoline Stocks Rise -- Gasoline stocks built by 2.1mmbbls vs. an expected draw of 1.5. Production was up 1 % and imports rose 12.2%. Forward gasoline demand cover rose to 22.4 days, still 7% above average. As suspected, last week's gasoline demand report was buoyed by the holiday weekend. Demand fell 2.1% for the week to 9.3mmbls/day and we would expect it to fall again next week. Distillate Stocks Rise -- Distillate stocks rose 2.0mmbbls on a 1% increase in production and lower demand. Stocks are 27% above average. The distillate build was most significant in PADD I. US distillate demand fell 0.4% for the week to 3.5mmbbls/d. Demand is now 11% below last year. Cracks Fall Again -- The prompt month gasoline crack fell this week to $4.76 compared to $6.94/barrel last week. The prompt month heating oil crack fell to $3.42 compared to $5.29 last week. With margins deteriorating, we struggle to understand why we have not seen more severe run cuts. Faisel Khan, CFA faisel.khan@citi.com

To: Salt'n'Peppa who wrote (124177)	9/12/2009 2:39:11 AM
From: elmatador	Read Replies (2) \| Respond to of 206176

It's slow traffic Saturday again. PBR Plans Tenders For 28 Drill Rigs In Sept RIO DE JANEIRO (Dow Jones)--Brazilian state-run energy giant Petrobras (PBR) will offer tenders for 28 deepwater drill rigs this month, the company said in a statement Friday. The rigs, which will include drill ships and semi-submersibles, are expected to be delivered between 2013 and 2018, Petrobras said. "The board of directors approved the strategy for construction of 28 new drilling rigs to be built in Brazil, with increased national content, to explore ultra-deepwaters including fields located in the subsalt," Petrobras said. A value for the tenders was not divulged. Brazil's government, however, has pledged 4 billion Brazilian reals ($2.2 billion) in financing to guarantee construction of the rigs, Petrobras said. The first phase of the tender will be for a minimum lot of nine rigs, including at least seven drill ships. A single shipyard will win the tender, Petrobras said, in order to make the necessary investments to fulfill the order and make it economically feasible. The subsalt finds were made under a thick layer of salt in the Santos Basin off the coast of Sao Paulo and Rio de Janeiro states. The oil lies under more than 2,000 meters of water and a further 5,000 meters under sand, rock and a shifting layer of salt.