I’m talking to Bloomberg about oil inventories today (again!) so you may see me quoted on their website. Here’s an interesting story ahead of the EIA inventory numbers that come out today …
Oil Floods Rotterdam, Europe’s Largest Port, as Demand Drops
Rotterdam, Europe’s largest port, may be running out of space to store crude as global oil demand posts its first back-to-back annual drop in a quarter-century.The harbor is Europe’s largest refinery center and a trading hub for refined products such as gasoline and diesel. Some ships have been diverted or are waiting outside the port until space is available, said Jeroen Kortsmit, manager for commercial affairs at Royal Dirkzwager.
“A lot of tanks are fully loaded,” Kortsmit said by phone from Rotterdam April 27. He joined the company, which provides shipping information to terminal operators around the port, 24 years ago and said he has never seen storage this full before.
And for today’s report, the Wall Street Journal explains …
New U.S. oil inventory data are due out from the Energy Information Administration on Wednesday, with analysts giving an average forecast for a 2.1 million-barrel build in a Dow Jones Newswires survey. Stockpiles are already at their highest point since September 1990.
Gasoline inventories are seen falling 300,000 barrels, while distillate stocks, including heating oil and diesel, are expected to rise by 700,000 barrels. Refinery utilization is forecasted to increase by 0.1 percentage point to 83.5% of capacity.
The Platts Survey is dishing up slightly different expectations …
Analysts expect U.S. crude stocks to have increased 1.8 million barrels last week, according to a Platts survey. They also expect higher gasoline stocks, up by 900,000 barrels, and greater distillate stocks, up 1.3 million barrels on the week.
We’ll have to see how things shake out. Tune in at 10:30.
IN OTHER NEWS
U.S. Economy Shrinks More Than Expected in Q1
Gross domestic product, which measures total goods and services output within U.S. borders, dropped at a 6.1 percent annual rate, the Commerce Department said, after shrinking 6.3 percent in the fourth quarter. Analysts polled by Reuters had forecast GDP falling at a 4.9 percent rate in the January-March quarter. Output has declined for three straight quarters for the first time since 1974-1975.
World markets rally as swine flu fears diminish
The overall message remains one of uncertainty, a lack of clarity and an unwillingness to extend any trend too far.
China May Cut Iron Ore Imports by 21% in 2009 on Demand Slump, Group Says
China, the world’s largest consumer of iron ore, may cut imports of the steelmaking ingredient by about 21 percent this year as demand from mills slumps, an industry group said.
Barrick Gold First-Quarter Net Income Declines 28% on Lower Bullion Prices
Barrick Gold Corp., the world’s largest gold producer, said first-quarter profit fell 28 percent as prices for the precious metal declined from a record.
Even the rich now worry about running out of money
The “Survey of Affluence and Wealth in America,” set to be released Wednesday by American Express Publishing and Harrison Group, will show that 53% of the nation’s wealthy are now worried that they could run out of money, in large measure because many of the respondents fear the country is headed for an economic depression
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