April 2007

Trends and Resources

HP Impact: HPImpact: Global product supply and demand outlook from EIA

Cold weather and the resulting higher demand for heating fuels in the US reduced petroleum inventories (both crude and product) more than expected in February. Spot prices for crude oil and natural ga..

Weirauch, Wendy, Hydrocarbon Processing Staff

Cold weather and the resulting higher demand for heating fuels in the US reduced petroleum inventories (both crude and product) more than expected in February. Spot prices for crude oil and natural gas, which had fallen in January, were consequently elevated. Here are other highlights from the US government's updated short-term forecast of activity in global energy markets. Oil production. OPEC production could increase by 1.2 million barrels/day (MMbpd) by fourth quarter 2007 when compared with fourth quarter 2006 levels, according to the Energy Information Administration (www.eia.doe.gov). Non-OPEC production is expected to grow by roughly 0.7 MMbpd in 2007 and 0.8 MMbpd in 2008. Out

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