- Nov 9, 2003
- 16,512
- 5,865
For the week ending 4/29/05:
U.S. crude oil refinery inputs averaged 15.4 million barrels per day during the week ending April 29, up 92,000 barrels per day from the previous week's average. Refineries operated at 91.7 percent of their operable capacity last week.
U.S. crude oil imports averaged nearly 10.3 million barrels per day last week, down 604,000 barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged nearly 10.2 million barrels per day, which is 114,000 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 2.6 million barrels from the previous week. At 327.0 million barrels, U.S. crude oil inventories are above the upper end of the average range for this time of year, and the highest since the end of March 2002.
Total motor gasoline inventories increased by 2.2 million barrels last week, putting them at the upper end of the average range. Distillate fuel inventories declined by 0.3 million barrels last week, and are now in the lower half of the average range for this time of year.
Total product supplied over the last four-week period has averaged nearly 20.4 million barrels per day, or 0.9 percent more than averaged over the same period last year.
Kerosene-type jet fuel demand is up 2.5 percent over the last four weeks compared to the same four-week period last year. Stocks stood at 40.3 million barrels, with the 4-week average daily demand at 1.614 million barrels, meaning that there was about a 30 day supply on hand.
Domestic daily production of Kerosene-type jet fuel dropped by 70 thousand barrels per day from the previous week, while imports dropped by an average of 60 thousand barrels per day from the previous week.
Jet fuel spot prices on 4/29/05 were:
NY Harbor $1.4740
Gulf Coast $1.4690
Los Angeles $1.6700
For comparison, crude prices on 4/29/05 were:
WTI-Cushing $49.20
Brent $50.61
As I write this, Bloomberg is reporting crude prices as:
NYMEX $49.35
WTI $49.70
Dated Brent $49.13
Now for something I've been working on since the 1Q05 report came out. US reported that the average fuel price for the quarter was $1.472. The average spot price of jet fuel for the quarter was $1.433 - this for only NY Harbor and Gulf Coast delivery since our system is focused on the eastern U.S. Thus, as a very rough gauge, our fuel price was about 4 cents above the spot price (3.9 cents to be more exact).
In April, the average spot price (again, for only NY Harbor and Gulf Coast delivery) was $1.578. Using the rough guage, that would make our fuel cost about $1.617 for April, or 14.5 cents higher than the 1st quarter. So it appears that only a sharp drop from current levels, and soon, will keep our fuel cost from being higher in the 2nd quarter than it was in the first, since crude prices at the current range ($49 - $50 per bbl) equate to near $1.50 per gallon for jet fuel (once again, NY Harbor and Gulf Coast delivery).
Jim
U.S. crude oil refinery inputs averaged 15.4 million barrels per day during the week ending April 29, up 92,000 barrels per day from the previous week's average. Refineries operated at 91.7 percent of their operable capacity last week.
U.S. crude oil imports averaged nearly 10.3 million barrels per day last week, down 604,000 barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged nearly 10.2 million barrels per day, which is 114,000 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 2.6 million barrels from the previous week. At 327.0 million barrels, U.S. crude oil inventories are above the upper end of the average range for this time of year, and the highest since the end of March 2002.
Total motor gasoline inventories increased by 2.2 million barrels last week, putting them at the upper end of the average range. Distillate fuel inventories declined by 0.3 million barrels last week, and are now in the lower half of the average range for this time of year.
Total product supplied over the last four-week period has averaged nearly 20.4 million barrels per day, or 0.9 percent more than averaged over the same period last year.
Kerosene-type jet fuel demand is up 2.5 percent over the last four weeks compared to the same four-week period last year. Stocks stood at 40.3 million barrels, with the 4-week average daily demand at 1.614 million barrels, meaning that there was about a 30 day supply on hand.
Domestic daily production of Kerosene-type jet fuel dropped by 70 thousand barrels per day from the previous week, while imports dropped by an average of 60 thousand barrels per day from the previous week.
Jet fuel spot prices on 4/29/05 were:
NY Harbor $1.4740
Gulf Coast $1.4690
Los Angeles $1.6700
For comparison, crude prices on 4/29/05 were:
WTI-Cushing $49.20
Brent $50.61
As I write this, Bloomberg is reporting crude prices as:
NYMEX $49.35
WTI $49.70
Dated Brent $49.13
Now for something I've been working on since the 1Q05 report came out. US reported that the average fuel price for the quarter was $1.472. The average spot price of jet fuel for the quarter was $1.433 - this for only NY Harbor and Gulf Coast delivery since our system is focused on the eastern U.S. Thus, as a very rough gauge, our fuel price was about 4 cents above the spot price (3.9 cents to be more exact).
In April, the average spot price (again, for only NY Harbor and Gulf Coast delivery) was $1.578. Using the rough guage, that would make our fuel cost about $1.617 for April, or 14.5 cents higher than the 1st quarter. So it appears that only a sharp drop from current levels, and soon, will keep our fuel cost from being higher in the 2nd quarter than it was in the first, since crude prices at the current range ($49 - $50 per bbl) equate to near $1.50 per gallon for jet fuel (once again, NY Harbor and Gulf Coast delivery).
Jim
