Rotterdam (ARA) fuel oil – trading $8 higher

Singapore fuel oil – trading $6 higher

US Gulf – expected to open $3-4 higher

Gustav risk premium increases
Tropical Storm Gustav is forecasted to regain strength and turn into a hurricane level 3 before going ashore. The treat to oil facilities is significant. As Jim Rouiller from private forecaster Planalytics put it: “Based on projected track, size and strength of Gustav over the Gulf, the entirety of the Gulf energy production region remains “under the gun” and I expect somewhere near 85% of the Gulf energy infrastructure will be shut-in along with a significant increase in damage potential”. Shell, the US Gulf of Mexico’s largest producer, said its oil production would be affected as early as today as it evacuates all workers from offshore operations.

Release: US oil inventory data
Crude: -100,000 barrels (+ 1,400,000)
Distillates: unchanged (+ 400,000)
Gasoline: -1,200,000 barrels (- 2,800,000)
Refinery utilization: +1.6% (+0.3%)

US oil inventory data surprised positive as gasoline inventories fell less than expected. Crude oil imports fell 7 million barrels after a 9 million barrel increase the week before as the latest hurricane delay resolved. Refinery utilization and product imports have risen, having a positive effect on gasoline inventories.
 

Global Seminars 2008

Peak oil. Are we running out?

Plus: Oil market fundamentals.

         12 month market forecasts.

          Fuel risk strategies.

September 2008

Attendance at our seminars is free.

Final sign up : 1 september 2008

Peak oil - are we running out of oil?

We invite our customers and potential customers to join our seminar in Geneva, Switzerland on 16 September.

The main topics of the seminar are:

• Fundamentals on the oil market
• How close to peak oil are we
• Forecast for 2008/2009 on oil products

Register and read more about the seminar and other up-coming seminars at our website.