By kelly.anderson@burkeoil.com (Kelly Burke)

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By the Numbers:

Monday marked the 7th straight session oil futures dropped, which is the longest we had seen since December of 2009. Tuesday accelerated the drop off, with ULSD closing down -.0409 and RBOB dropping -.0161 to 2.9729. 

This morning it appeared US Crude may erase some of the drop off over Israeli/Hamas fighting that has erupted this week, but the downward trend has continued - albeit less rapidly. ULSD closed off 25 points to 2.8711 and...


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POSTED FROM THE DENNIS K. BURKE, INC. BLOG

Iraqi Turmoil Rocks the NYMEX

June 12, 2014

 

By kelly.anderson@burkeoil.com (Kelly Burke)

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(Image credit: US EIA via Bloomberg Visual Data - Bloomberg Businessweek 6-12-14)

Both Brent and WTI shot up 2% today on last nights news that ISIS insurgents in Iraq captured Tikrit and Baiji, and were continuing their march towards Bahgdad.If you were watching the screen, you also saw ULSD shoot up .085 to 2.9893 and RBOB hit 3.0837, up .0829 on the day in reaction. 

Iraqi production levels have been stable around 3 million barrels per day, making Iraq...


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By kelly.anderson@burkeoil.com (Kelly Burke)

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(Image credit: Wikimedia Commons 18:57 June 11 2014)

CNN is reporting that ISIS (the Al Qaeda breakoff group that seized Mozul, Iraq yesterday) has gained "nearly complete control of the Northern city of Tikrit" - Parts of the town of Baiji have reportedly been seized as well - this is the site of the largest oil refinery in Iraw. At the moment the Baiji Oil Refinery is reportedly still under Iraqi military control but seizure of the town raises both...


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By kelly.anderson@burkeoil.com (Kelly Burke)

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First the usual news - US Crude Supplies once again dropped (to 386.9 million) and more importantly perhaps, Cushing levels dropped again as well. Cushing stocks are down 49% since the Keystone's lower leg started moving its supply to Gulf Coast Refineries. WTI has been climbing steadily the past couple days, and some analysts are predicting WTI hits $105 soon. (Hopefully not!) We also saw gasoline and ULSD up between 0.6-0.9% throughout the day with...


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By kelly.anderson@burkeoil.com (Kelly Burke)

 

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(image credit: Wikimedia Commons)

This week the market once again bounced around on conflicting data - likely to do with inventory numbers versus economic growth (actually a lack thereof), demand projections, Ukranian violence, and a whopper of a Nat Gas deal between Russia and China.  So much for a nice quiet 4 day week, hmm?

Internationally, Ukraine saw an explosion of fighting and casulties above and beyond what we have seen thus far in the wake of the...


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By kelly.anderson@burkeoil.com (Kelly Burke)

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Analysts expect that the EIA report due out tommorow will show US Crude stocks hitting a new record high. So why isn't the market coming down?

For one, levels at Cushing (the NYMEX physical delivery point) have hit multiyear lows since the pipeline to the Gulf came online in January, which has an impact seperate from overall crude levels. WSJ cites some analysts who think Cushing could hit minimum operational levels, and thats keeping some skepticism...


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By kelly.anderson@burkeoil.com (Kelly Burke)


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Wednesday's EIA report showed that the API projected Crude drops come to fruition, falling 1.78 million barrels. As we all saw this pushed up Crude & ULSD prices on the day, with ULSD closing up .0398 to 2.9275, and Crude up to 100.81, once again hanging by the new (unfortunately) benchmark of $100 we've all been hoping to drop from for quite some time now. 

Brent ticked upwards this week as well on EU discussion of stricter sanctions on Russia. Putin had...


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By kelly.anderson@burkeoil.com (Kelly Burke)

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Last week as we discussed, the EIA reports for the prior week (ending April 11) saw inventory builds in US Crude supplies while gasoline inventories drew down. Crude Inventories actually hit their highest level since June 2013 and production hit its highest level since 1988. 

Platt's is estimating that this Wednesdays EIA report (on the week ending April 18th) will show inventory builds of  up to10 million gallons. As a result of the anticipated build,...


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By kelly.anderson@burkeoil.com (Kelly Burke)

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(Image Credit - Russavia [CC-BY-SA-2.5 (http://creativecommons.org/licenses/by-sa/2.5)], via Wikimedia Commons)

Deja Vu - global oil prices are again creeping higher on increasing friction on the Ukraine-Russia standoff, projected inventory numbers, and Chinese economic numbers suggesting slower growth than anticipated. Didn't we just go through this two weeks ago??

Brent CRUDE hit over $110 Tuesday for the first time since March 4th on increasing concern...


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By kelly.anderson@burkeoil.com (Kelly Burke)

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The EIA Inventory data out today showed that US Crude stocks unexpectedly fell 2.38 million barrels last week - if you remember, earlier this week, analysts were expecting roughly that amount of BUILD to be reported. Gulf Coast inventories had been expected to show a huge build but instead dropped by over a million barrels. On the other side, gasoline inventories dropped essentially in line with expectations, falling by a little over 1.5 million barrels. ...


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