Peak Oil is You
Donate Bitcoins ;-) or Paypal :-)
Page added on November 5, 2014
Crude jumps on rumor of oil pipeline blast in Saudi Arabia
U.S. and Brent crude futures extended gains on Wednesday on an unconfirmed market rumor of an oil pipeline explosion in Saudi Arabia.
Oil futures had already been lifted by a government report showing a smaller-than-expected rise in U.S. crude stocks and drops in gasoline and distillate inventories.
Brent December crude futures were up $1.60 at $84.42 a barrel at 11:02 a.m. EST (1602 GMT), after jumping to $84.45. U.S. December crude was up $2 at $79.19 a barrel, having reached $79.35.
2 Comments on "Crude jumps on rumor of oil pipeline blast in Saudi Arabia"
bobinget on Wed, 5th Nov 2014 11:07 am
Here’s that EIA report:
Note that consumption went higher by 100,000 BBp/d
last week. Lower pump prices are showing…
Watch for regional gasoline and diesel shortages.
Refinery use down for change over and repairs.
Summary of Weekly Petroleum Data for the Week Ending October 31, 2014
U.S. crude oil refinery inputs averaged 15.5 million barrels per day during the week ending October 31, 2014, 356,000 barrels per day more than the previous week’s average. Refineries operated at 88.4% of their operable capacity last week. Gasoline production increased last week, averaging 9.7 million barrels per day. Distillate fuel production increased last week, averaging 4.6 million barrels per day.
U.S. crude oil imports averaged about 6.7 million barrels per day last week, down by 426,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged over 7.2 million barrels per day, 4.4% below the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 531,000 barrels per day. Distillate fuel imports averaged 109,000 barrels per day last week.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 0.5 million barrels from the previous week. At 380.2 million barrels, U.S. crude oil inventories are in the upper half of the average range for this time of year.
Total motor gasoline inventories decreased by 1.4 million barrels last week, and are below the LOWER LIMITS of the average range. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories decreased by 0.7 million barrels last week and are near the lower limit of the average range for this time of year. Propane/propylene inventories fell 0.1 million barrels last week but are well above the upper limit of the average range. Total commercial petroleum inventories decreased by 2.4 million barrels last week.
Total products supplied over the last four-week period averaged about 19.5 MILLION BARRELS PER DAY, up by 0.4% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged about 9.0 million barrels per day, down by 0.9% from the same period last year. Distillate fuel product supplied averaged 3.6 million barrels per day over the last four weeks, down by 8.3% from the same period last year. JET FUEL PRODUCT IS UP 9% compared to the same four-week period last year.
Posted note: if any glut exists, blame packed pipelines.
rockman on Wed, 5th Nov 2014 6:36 pm
You gotta love them crazy future players. LOL. It wasn’t even an oil pipeline:
Reuters – A pipeline that caught fire north of Riyadh in Saudi Arabia on Wednesday was carrying diesel, not oil, an industry source in the kingdom said. He added that the fire had been extinguished.