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Oil price discussion and analysis

Discussion in 'Commodities' started by wayneL, Jan 6, 2005.

  1. Smurf1976

    Smurf1976

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    A chart showing petroleum use in Australia by refined products:

    https://www.eia.gov/beta/internatio...Australia/images/petroleum_demand_product.png

    There's considerable variation between countries however so that's really just for interest. For example Australia doesn't use much fuel oil due to our relative lack of domestic shipping and the dominance of coal and gas as industrial fuels whilst we use more aviation fuel, as a % of the total, than many other countries due to distances etc.

    There's also considerable change over time. Eg 50 years ago diesel was a very minor thing lumped in with "other" whereas fuel oil was more significant, aviation fuel was far less than it is now and LPG was basically irrelevant. Those old enough may remember that many years ago trucks and especially buses used to run on petrol not diesel as they do now.

    Back to crude oil itself, do those looking at it from a technical perspective have any further thoughts now that WTI is trading around $55?
     
  2. Ann

    Ann

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    This was sort of what I was seeing, high inventories and lower rig count.

    WTI Holds Losses After Inventory Builds Across The Board

    WTI turned lower today as traders weighed output cuts from OPEC and its partners against expectations for rising U.S. crude inventories and a slowing US services economy.

    "My guess would be that some of the refiners may cut back on some of their runs so crude supply ought to build a bit" said Stewart Glickman, an energy equity analyst at CFRA Research. "They’re probably limited in their ability to substitute away from Venezuelan heavy crude"
    A small crude build last week (and product draws) surprised traders and tonight's API saw builds across all cohorts (with crude inventories rising more than expected)..........


     
  3. Parse

    Parse

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    Yes but, that was a minor drop and then overnight we have POO up again on reports of the OPEC cuts. I feel the API reports and Opec reports really only do minor changes to the POO. I don't think these last couple of days have anything to do with that rig count report.
     
    Sdajii likes this.
  4. Parse

    Parse

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    Baker Hughes reported an increase in the number of active oil and gas rigs in the United States this week.

    The total number of active oil and gas drilling rigs rose by 4 rigs, according to the report, with the number of active oil rigs increasing by 7 to reach 854 and the number of gas rigs decreasing by 3 to reach 195.
     
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