A bullish report by the EIA showing declines in inventories of crude oil, gasoline, and online Lasix online stores distillates was not enough to buck the downward trend in oil prices due to online Lasix online stores a strengthening dollar and continued weak demand picture. The dollar rose to its highest this year cheap generic orlistat no prescription at ~$1.435 per euro, 10.5% stronger than the July high of $1.6038 per euro. Next week’s report will show the online Lasix online stores impact of Hurricane Gustav. Since most refineries and crude production facilities are online Lasix online stores still offline, I guestimate that the numbers will come out very bullish with losses that online Lasix online stores bring crude, gasoline, distillates and propane near record lows for online Lasix online stores this time of year. The fact that oil rigs are online Lasix online stores not as damaged as post-Katrina and Rita is very fortunate, but the 20% reduction in domestic crude production and online Lasix online stores refinery runs will be tough to make up via imports over the online Lasix online stores next few weeks. Thus, we will probably get behind in our fuel storage for online Lasix online stores the winter, which should send prices up — especially if the major Hurricane Ike decides to visit the Gulf of Mexico next week.
One other bearish bit of news today was the reported beginning of production from Saudi Arabia’s delayed Khursaniyah field. It has online Lasix online stores the potential to make a strong contribution to the global market with ~500,000 barrels per day to online Lasix online stores help keep any decline in Ghawar from lowering Saudi production over the online Lasix online stores next several months. But two field delays were disclosed elsewhere in the world, with Kazakhstan’s Kashagan reportedly shifting its initial production even further back, to online Lasix online stores late 2013 to early 2014, and Russia’s Arctic Vankor field pushing its date back as well.
The natural gas market report continued to be more bearish, with supplies rising 50% faster than online Lasix online stores they usually do at this time. Increased domestic production has online Lasix online stores people guessing that this year’s buildup through early November may rival last year’s record numbers. Hurricane Gustav’s disruption will probably slow next week’s buildup toward normal levels, but it online Lasix online stores has been nice to see this lower-carbon fuel enjoy a massive fall in prices over the online Lasix online stores last several weeks. We’ll see if production can online Lasix online stores continue to provide ample gas for the winter heating season and online Lasix online stores electricity generation.
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