- Nov 9, 2003
- 16,512
- 5,865
It's that time of the week again - actually a day late due to the Memorial Day holiday - so here's the weekly report......
First, as most already know, crude prices have been climbing for the last week or so with the rise last week being included in this EIA report.
Now for what the EIA had to say:
U.S. crude oil refinery inputs averaged nearly 16.1 million barrels per day during the week ending May 27, up 243,000 barrels per day from the previous week's average.
Refineries operated at 96.2 percent of their operable capacity last week.
With an increase in refinery inputs, gasoline production rose last week, averaging over 9.1 million barrels per day. Distillate fuel production [which includes jet fuel] remained relatively flat, averaging nearly 4.2 million barrels per day.
U.S. crude oil imports averaged 10.7 million barrels per day last week, up 387,000 barrels per day from the previous week.
Over the last four weeks, crude oil imports have averaged nearly 10.5 million barrels per day, which is 160,000 barrels per day more than averaged over the comparable four weeks last year.
U.S. commercial crude oil inventories (excluding those in the SPR) rose by 1.4 million barrels from the previous week.
At 333.8 million barrels, U.S. crude oil inventories remain well above the upper
end of the average range for this time of year.
Total product supplied over the last four-week period has averaged over 20.4 million barrels per day, or 1.0 percent more than averaged over the same period last year.
Over the last four weeks, motor gasoline demand has averaged over 9.3 million barrels per day, or 1.8 percent above the same period last year, while distillate fuel demand has averaged nearly 4.1 million barrels per day, or 5.2 percent above the same period last year.
Kerosene-type jet fuel demand is up 5.5 percent over the last four weeks compared to the same four-week period last year.
Jet fuel spot prices on 5/27/05 (5/20/05) [4/27/05] <5/27/04>:
NY Harbor $1.5260 ($1.4328) [$1.5350] <$1.0270>
Gulf Coast $1.4998 ($1.41.40) [$1.5150] <$0.9894>
Los Angeles $1.5800 ($1.5300) [$1.7550] <$1.1400>
For context, the crude oil spot prices on 5/27/05 were (prev week):
WTI-Cushing $51.65 ($47.25)
Brent $49.42 ($46.91)
Finally, current crude prices from Bloomberg as of nearly 11:00 AM:
WTI-Cushing $54.33 (down $0.27 from last close)
Dated Brent $51.59 (down $0.34)
NYMEX $54.40 (down $0.20)
Next week's report will cover the end of May, so the average jet fuel spot price for the month will be available. Just looking at the daily prices, it appears that May's average will be less than either Mar or Apr, but considerably higher than Jan or Feb. In short, our May fuel cost may be less than Apr, but the 2nd quarter is on track to have a higher fuel cost than the 1st quarter.
Jim
First, as most already know, crude prices have been climbing for the last week or so with the rise last week being included in this EIA report.
Now for what the EIA had to say:
U.S. crude oil refinery inputs averaged nearly 16.1 million barrels per day during the week ending May 27, up 243,000 barrels per day from the previous week's average.
Refineries operated at 96.2 percent of their operable capacity last week.
With an increase in refinery inputs, gasoline production rose last week, averaging over 9.1 million barrels per day. Distillate fuel production [which includes jet fuel] remained relatively flat, averaging nearly 4.2 million barrels per day.
U.S. crude oil imports averaged 10.7 million barrels per day last week, up 387,000 barrels per day from the previous week.
Over the last four weeks, crude oil imports have averaged nearly 10.5 million barrels per day, which is 160,000 barrels per day more than averaged over the comparable four weeks last year.
U.S. commercial crude oil inventories (excluding those in the SPR) rose by 1.4 million barrels from the previous week.
At 333.8 million barrels, U.S. crude oil inventories remain well above the upper
end of the average range for this time of year.
Total product supplied over the last four-week period has averaged over 20.4 million barrels per day, or 1.0 percent more than averaged over the same period last year.
Over the last four weeks, motor gasoline demand has averaged over 9.3 million barrels per day, or 1.8 percent above the same period last year, while distillate fuel demand has averaged nearly 4.1 million barrels per day, or 5.2 percent above the same period last year.
Kerosene-type jet fuel demand is up 5.5 percent over the last four weeks compared to the same four-week period last year.
Jet fuel spot prices on 5/27/05 (5/20/05) [4/27/05] <5/27/04>:
NY Harbor $1.5260 ($1.4328) [$1.5350] <$1.0270>
Gulf Coast $1.4998 ($1.41.40) [$1.5150] <$0.9894>
Los Angeles $1.5800 ($1.5300) [$1.7550] <$1.1400>
For context, the crude oil spot prices on 5/27/05 were (prev week):
WTI-Cushing $51.65 ($47.25)
Brent $49.42 ($46.91)
Finally, current crude prices from Bloomberg as of nearly 11:00 AM:
WTI-Cushing $54.33 (down $0.27 from last close)
Dated Brent $51.59 (down $0.34)
NYMEX $54.40 (down $0.20)
Next week's report will cover the end of May, so the average jet fuel spot price for the month will be available. Just looking at the daily prices, it appears that May's average will be less than either Mar or Apr, but considerably higher than Jan or Feb. In short, our May fuel cost may be less than Apr, but the 2nd quarter is on track to have a higher fuel cost than the 1st quarter.
Jim
