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June 13, 2007
Bullish DOE report on refined products
Against average and last year, using the DOE data, crude oil stocks are 24.6 mb above average and 2.8 mb above last year, gasoline stocks are 10.3 mb below average and 12.8 mb below last year and distillate stocks are 6.3 mb above average and 2.6 mb below last year. In the distillate details, diesel fuel stocks built 3.1 mb and are 18.3 mb above average and heating oil stocks fell 2.8 mb and are 10.6 mb below average. On the consumption side, year-on-year, gasoline demand rose 1.4%, jet decreased 1.6%, distillate rose 2.9%, resid lifted by 36.2% and overall demand was up 2.2%. The SPR was steady at 690.3 mb.
The report is bullish. The market anticipated significant builds in both products and both disappointed. Refinery utilization falling for the second consecutive weak is also supportive. The flat gasoline inventory number ends a five-week streak in which gasoline stockpiles built 8.4 mb.
Posted by Martin at June 13, 2007 9:53 AM
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