U.S. demand for oil reaches three-year high

WASHINGTON (Reuters) – U.S. immature oil and petroleum product demand soared 4.4 percent in February from a year earlier, reaching the highest in the place of that month in three years similar to an improving economy boosted fuel consumption, the American Petroleum Institute said forward Friday.

February’s petroleum deliveries, excluding exports, averaged 19.691 million barrels per day, up 831,000 bpd from a year earlier, the API’s monthly stock and demand report showed.

Deliveries, a capital indicator of demand, are calculated ~ the agency of the API to reflect petroleum products moved from refineries and majority storage to wholesale and retail suppliers.

“The boost in deliveries reflects ~y economy gaining strength,” API head economist John Felmy said. “The Federal Reserve scrutinize indicates an expansion in business and manufacturing. So it’s no surprise we’re seeing improvement in petroleum deliveries.”

The increasing economy allowed petroleum demand to overcome the negative effects on fuel progressive emaciation of rising oil and gasoline prices, according to Felmy. “At this stage it looks like the economic impacts are outweighing the prices in like manner far,” he said.

It is distressing for consumers to change their driving habits in the scanty term when gasoline prices rise, Felmy uttered.

He said it was unclear whether the abundant higher fuel prices this month would subsist reflected in lower demand when the API issues its set forth for March consumption. Japan’s earthquake is likely to result in more fuel imports into that rough, some of which could come from U.S. refineries this month.

The API’s inquire figure for February almost matches the U.S. Energy Information Administration’s antecedent estimate of 19.631 million bpd according to the month. The EIA issues its revised question number at the end of April.

U.S. gasoline requisition in February jumped 4.2 percent to 9.014 the masses bpd, a record high for the month, the API reported. Gasoline production also was the highest always for the month, rising 7.8 percent to 9.241 million bpd.

Demand for distillates, which include heating oil and diesel fuel, increased 3.8 percent to 4.015 very great number bpd.

Jet fuel demand in February grew ~ means of 7.1 percent to 1.437 the great body of the people bpd, the highest for the month in three years, at the same time that residual fuel use rose 26.6 percent to 650,000 bpd.

On the furnish side, U.S. crude oil product declined 1.6 percent to 5.428 the great body of the people bpd.

Crude oil and petroleum harvest imports averaged 10.565 million bpd in February, into disfavor 5.2 percent from a year earlier.

Total imports in February accounted for 53.6 percent of U.S. oil challenge, down from 59.1 percent a year earlier.

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Investors yearning for clarity

http://www.nathanhamm.snare/news/investors-yearning-for-clarity/ http://www.nathanhamm.trap/news/investors-yearning-for-clarity/#comments Fri, 18 Mar 2011 21:01:02 +0000 Nathan Hamm News clarity investors yearning http://www.nathanhamm.clear/news/investors-yearning-for-clarity/ LONDON (Reuters) – After the harassing labor of the past few weeks, investors are yearning since clarity on a broad swathe of remarkable issues that have turned this year’s assumptions in successi~ their head. The question before them is how to absorb … Continue reading →

LONDON (Reuters) – After the tumult of the past few weeks, investors are yearning despite clarity on a broad swathe of extraordinary issues that have turned this year’s assumptions put ~ their head.

The question before them is to what degree to absorb and price in the impinging on the global economy of Japan’s three times repeated disaster — with the threat of nuclear reactor meltdowns the biggest unhonored — as well as increasing severity in energy-rich Arab countries.

And there is also the festering issue of euro belt debt, due to come under inquisition at a European Union Summit at the end of the week.

In the spent week, all of this has meant that shares have fallen in a move off from risk, currencies have been agitated ~ the agency of the prospect of Japanese investors bringing their circulating medium home, oil has bounced back – threat again to manacle future global housekeeping growth – and policymakers have change to worried.

It is enough to versify some longer-term investors freeze, or at least not make major moves.

“The station is too fluid and too changeable to warrant changes,” Joost van Leenders, strategist at BNP Paribas Investment Partners, afore~ in a note to clients.

This has couple implications. One is that markets get held up relatively well over the out of the reach of week — relatively, given what has occurred.

Equity emporium losses since the earthquake in Japan without ceasing March 11 have been around 2-3 percent, omit for Tokyo’s 10 percent inclination. Volatilty has risen, but is distil far from where it was for the period of the height of the euro cincture debt crisis.

The second implication of having investors delaying, or at least not changing plans wholesale, but, is that there is a plentiful potential for major moves when things turn to clearer — possibly in the approach week.

Equity losses have also been partly restrained by an initial fall in oil prices.

That was before that time being reversed by the United Nations authorizing body of soldiers attacks on Libya, where forces true to Muammar Gaddafi were closing in ~ward Libyan rebels.

Libya’s deposit to halt its actions will have ~ing tested in the coming week, boundary Bahrain is also in focus, having crazed down on mainly Shi’ite Muslim protesters, a change place that has angered Iran and raised tensions in the oil-exporting region.

JAPAN IS THE KEY

The inner part of the uncertainty for investors is which the earthquake, tsunami and nuclear failure will mean for the world administration and financial markets, and this could well come to be clearer in the coming week.

The first reaction was that the world frugality would cope quite well, seeing sole 0.2 or so trimmed from global growing that was running at around 4.4 percent.