Petroleum Update for Week Ending 5/12/06

BoeingBoy

Veteran
Nov 9, 2003
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Sorry for the delay but I worked Tue-Fri again this week.

Domestic crude production for the week averaged 5,069,000 bbls/day, down 59,000 bbls/day from the previous week. For the year thru 5/12/06, production averaged 5,067,000 bbls/day, down from 5,465,000 bbls/day for the same period in 2005 (obviously, pre-Katrina/Rita).

Net imports of crude oil for the week averaged 10,362,000 bbls/day, up 376,000 bbls/day from the previous week. Year to date, the average is 9,813,000 bbls/day, down 180,000 bbls/day compared to last year.

The crude oil stockpile stood at 346,900,000 bbls on 5/12/06, down 100,000 bbls from the previous week but up 15,600,000 bbls from the same time last year.

Crude oil input to refineries averaged 15,336,000 bbls/day for the week, up 21,000 bbls/day from the previous week. Year to date, refinery input averaged 14,768,000 bbls/day, down 523,000 bbls/day from last year.

Refineries operated at 89.8% of capacity for the week.

Production of jet fuel averaged 1,454,000 bbls/day for the week, while 112,000 bbls/day was imported.

Jet fuel stockpiles stood at 40,415,000 bbls on 5/12/06, down 497,000 bbls from the previous week but up 1,700,000 bbls from last year.

Jet fuel supplied averaged 1,610,000 bbls/day for the week, down 185,000 bbls/day from the previous week. For the year to date, an average of 1,599,000 bbls/day have been supplied, up 2,000 bbls/day over last year.

On 5/12/06, spot prices were:

NY Harbor - $2.219/gal
Gulf Coast - $2.139
Los Angeles - @2.220
WTI-Cushing - $71.87/bbl
World Crude Average - $65.37/bbl
WTI-Cushing closing price on 5/19/06 - $68.53

From Platt's, the jet fuel spot prices in regions of the world:
Europe & CIS - $2.147
North America - $2.180
Asia & Oceania - $2.097
Middle East & Africa - $2.062
Latin & Central America - $2.168

Finally, as usual, the normal chart brought forward from last week's report. I'll only add that May's average spot price for jet fuel thru the 16th is $2.1474/gal - that's the simple average of NY Harbor, Gulf Coast, and Los Angeles.

View attachment 4880

Jim
 
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