The OilSpot News by DTN
Monday, October 5, 2009 VOLUME 8 ISSUE 372  



Fitch: Crude Contango Eases, Boosts Energy Liquidity
Murphy Oil Buys North Dakota Ethanol Plant for $92 Million
California’s Gasoline Consumption in June Slips from May, Up on Year
Getty Acquires 36 Exxon Branded Retail Stations for $49 Million
US, EU Biofuels Efforts to Boost African Biofuels Market
US to Lead Global Biofuels Growth—Use to Double by 2015


US Retail Gasoline Average Down 7th Straight Week to $2.449
US Diesel Fuel Retail Average Slides 2.1cts to $2.601 Gal
US Propane Stockpiles Up 800,000 Bbl Week-ended Sept. 25


EPA to Require High GHG Emitters to Cut via Technology
EPA Excludes Ethanol from Mandatory GHG Reporting Program
Chemical Facility Anti-Terrorism Act Sparks Concern
Harkin Withdraws Bill Denying EPA Funds over RFS2 Row
Chevron Names John Watson CEO, Chairman of the Board
Renewable Fuel Association Announce New Leaders for 2010


Economic Indicators


Weekly Rack Postings

Supply, Demand and the Economy
Recession thwarts Demand—Spurs Winter Fuels Supply Builds

Inventories of winter fuels, including propane, natural gas, coal used for electricity generation and distillates, which includes heating oil, are well above typical historical levels as the 2009-2010 winter heating season draws closer, the Energy Information Administration reports.

“Current high inventories stem primarily from the recession,” the agency said. “As the economic downturn deepened throughout 2008 and 2009, energy demand fell, but supply was relatively slow to respond.”

Despite the recession, which data shows began in the United States in December 2007, and a sharp rise in oil prices through July 2008, total world oil demand increased 1.1 percent in the first half of 2008 and total world oil supply climbed 1.8 percent for the period. World oil demand fell in the third and fourth quarters of 2008, but global oil supply did not drop from 2007 levels until the fourth quarter 2008.


[FULL STORY]
 

Chilly Reception for Climate Bill
Boxer-Kerry Proposal Aims at Jumpstarting Stalled Climate Legislation

US Senator Barbara Boxer

Six Republican senators presented opposing arguments to the Boxer-Kerry climate bill proposal during a media event a few hours following the bill’s release on Sept. 30, stating that the proposed bill would lead to higher consumer costs and job losses.

The 821-page bill authored by Sens. John Kerry, D-Mass., and Barbara Boxer, D-Calif., would mandate that the nation’s greenhouse gas emissions decline 20 percent from 2005 levels. The bill includes several blank spaces, allowing Democrats and Republican moderates to determine details.

The intention of the bill is to “create clean energy jobs, promote energy independence, reduce global warming pollution and transition to a clean energy economy,” the first page states.


[FULL STORY]
 



NYMEX spot crude futures held within a $65-$75 bbl range for most of the third quarter. What do you expect will happen in the fourth quarter?
Crude to break below $65
Crude to crack above $75
Crude to remain range-bound
Not sure
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