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As Oil Prices Approach $100, U.S. Supplies Fall
Associated Press
U.S. oil supplies fell last week for the third straight period, according to government data, though not as steeply as expected, slowing the price march toward $100 per barrel.
Stockpiles of gasoline also dropped, the government reported Wednesday, confounding analysts’ estimates calling for inventories of the motor fuel to rise slightly.
Demand for gasoline over the past four weeks was 0.8 percent higher than a year earlier, averaging more than 9.3 million barrels a day.
…For the week ending Nov. 2, crude oil inventories fell by 800,000 barrels to 311.9 million barrels, which is 8 percent below year-ago levels, the Energy Department said in its weekly report. The drop was not as steep as expected, however.
(X November 2007)
Contributor Neil writes: “8% down on same time last year, and falling…”
Non-OPEC Supply Boost Fails to Be Seen
Associated Press
When oil prices tumbled to $10 a barrel in 1998, the world expected non-OPEC countries to ramp up production, provided the price of crude recovered.
Nine years later, history tells a different story. Maturing assets in key producer regions, soaring costs, tougher tax regimes and a shortage of trained personnel are stymieing output even as benchmark crude prices edge closer to $100 a barrel.
The trend has left oil producers within the Organization of Petroleum Exporting Countries better placed to take advantage of soaring oil prices than those outside the group. The shortfall from non-OPEC producers has also contributed to the tightness in global oil supplies, further pushing crude prices toward record territory.
(6 November 2007)
This Week in Petroleum 11-7-07
Robert Rapier, The Oil Drum
Updated Following Report Release
About 10 seconds after the report was released, I scanned down and found what I was looking for: U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) fell by 0.8 million barrels compared to the previous week. I turned to the guy sitting next to me, as we had been talking about this today, and I said “$100 oil may have to wait for another day. The inventory draw was half what was expected.” We could still pop $100 today, but this inventory report doesn’t favor that. A higher expected draw was already factored in, so I don’t think this supports a quick move up from the current price level. But I wouldn’t put $1,000 on it.
However, we are still close enough that it won’t take much volatility to push oil over $100. A single negative geopolitical event should do it. But in the absence of a brand new geopolitical or weather-related event, I will be very surprised if we don’t pull back a bit from $100 in the next couple of days.
So, why were oil inventories down less than expected? Because refinery utilization continues to languish. You can see that in the utilization numbers, and you can see it in the fact that gasoline had an unexpected draw. Imports were also up from the previous week, surprising given the situation in Mexico. The other big surprise? Gasoline demand is still almost 1% above last year’s level. (Don’t overlook the role of ethanol there. As ethanol is added to the fuel supply, volume demand will go up even if miles driven don’t. I have documented that here).
Here were the highlights: …
(7 November 2007)
Energy Statistics by country
NationMaster
Adjusted savings: energy depletion > % of GNI
Coal consumption
Coal consumption (per $ GDP)
Coal consumption (per capita)
Coal consumption > Million tonnes oil equivalent
Coal consumption > Million tonnes oil equivalent (per $ GDP)
Coal consumption > Million tonnes oil equivalent (per capita)
Coal consumption > Million tonnes oil equivalent > Share of total
…
(7 November 2007)
Much more data at original. A related site has energy figures for U.S. States. Recommended by Greg Thornwall. One particular item caught his eye:
Petrol demand in euros -BA
