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watermon
2 Comments
A Look At U.S. Oil Import
Cheers
Oil Review and Natural Gas Preview
" Much of that drop was due to a decline in imports of almost a million barrels a day because fog closed the Houston Ship Channel last week, analysts said."
Source: ap.google.com via watermon
Shortly after the Energy Information Agency released the production, imports, stocks, supply, prices, data and analysis with This Week in Petroleum report on December 12, oil futures started to rise at the NYMEX. One reason that's stated for the rise was a decrease in weekly crude stocks and imports, which many commodity analysts stating was caused by a delay in tanker ships
inbound the Houston Ship Channel being closed due to fog.
The drop in oil supplies had nothing to do with the fog closing the Houston Ship Channel from December 9th -11th. For instance, immediately following the fog clearing the shipping channel reopened and 25 tanker ships transporting approximately 12,000,000 barrel of crude oil entered the ports of Texas City and Houston supplying the refineries over the next three days ending on Friday December 14,
2007. The EIA TWIP report in question was based on the time period from 8-14 December. So where did the decline of imports occur if not on the Gulf Coast
region?