Oil Price Dives

Wednesday, December 20, 2000
U.S. stocks of crude oil, gasoline and heating oil grew last week according to the Energy Department on Wednesday, which was more bearish than Tuesday's industry report, analysts said. The figures were evidence that threadbare crude and products stocks that have plagued the petroleum complex most of this year are finally being replenished by increasing imports, analysts said. Crude stocks rose 3.1 million barrels last week according to the Energy Information Administration (EIA), about 700,000 more than shown in industry group the American Petroleum Institute's (API) report late Tuesday. Heating oil stocks rose 800,000 barrels, according to the EIA, while API stocks showed a drop of nearly 300,000 barrels. The government data also reported gasoline stocks rose 2.4 million barrels, 1.6 million barrels more than the industry data. Crude oil imports have risen steadily for the last three weeks at nearly 9.5 million barrels per day (bpd), up from nearly 8.0 million bpd three weeks prior, according to the EIA. "The import numbers are important," said Bill O'Grady, analyst with A.G. Edwards. "OPEC (the Organization of Petroleum Exporting Countries) has been producing at volumes that usually make for lower prices than we're seeing now." He said waning demand from Asia was diverting crude oil to the Atlantic Basin. The EIA showed the release of barrels from the nation's Strategic Petroleum Reserve (SPR) have also fortified stocks. About 90 percent of the 30 million barrels of oil from President Bill Clinton's September plan to swap crude oil from the SPR has been delivered to oil companies the EIA said last week. That, plus the increasing imports have pushed crude futures down about 20 percent over the last three weeks. - (Reuters)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Energy

US Oil Drillers Add Rigs for 5th Week in a Row

U.S. drillers this week added oil rigs for a fifth consecutive week, Baker Hughes Inc said on Friday, but the oilfield services provider and some analysts cast

Daewoo Shipbuilding: $1.4 bln order Cancelled

Cancelled order part of Statoil's Bressay project. South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd on Friday said a 1.58 trillion won ($1.41 billion)

Asia Tankers-VLCC Rates Falter on Oil, Tanker Supplies

MidEast, West Africa rates hit 11-month low. Freight rates for very large crude carriers (VLCCs), which hit an 11-month low this week, could slide further next

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0698 sec (14 req/sec)