Weekly Petroleum Status Report
April 19, 2006

It is said that pictures are worth a thousand words. Below are 8 pictures that allow you to understand the "BIG PICTURE."















Crude oil supplies dropped 800,000 Barrels from last week. Inventories are 26.3 million barrels higher than a year ago. (The oil industry is prepared for higher prices.)
















Domestic crude oil production is down over 400,000 barrels from last year.
















Crude imports are down nearly 200,000 barrles from 2005.
















Crude oil refinery inputs are down over 670,000 barrels from last year.
















U.S. gasoline supplies are down 9.1 million barrels from 2005.
















Demand for gasoline is 70,000 barrels higher this year than in 2005.















Finished gasoline production in the U.S. is down 57,000 barrels from year ago levels.















U.S. gasoline imports are down 190,000 barrels from 2005. The chart indicates no change over last year. However the text in the report states that total gasoline imports for the week ended April 14th was 907,000 barrels. This isn't charted properly. You must extend the red line close to the "0.9" mark.

In conclusion, it is easy to see that this weeks petroleum status report is very bullish for rising oil prices. We are seeing increased demand and decreasing supplies. The oil industry has oil inventories built up to take advantage of the future price increases. Right now the oil industry is in a "sweet spot."