CONTENTS
HIGHLIGHTS.........................................................................................................................................1
CONTENTS............................................................................................................................................2
PUTTING IT INTO CONTEXT.............................................................................................................3
DEMAND...............................................................................................................................................4
Summary.............................................................................................................................................4
OECD..................................................................................................................................................5
Overview.........................................................................................................................................5
North America.................................................................................................................................6
Europe.............................................................................................................................................7
Pacific..............................................................................................................................................8
Non-OECD..........................................................................................................................................9
Overview.........................................................................................................................................9
China...............................................................................................................................................9
Other Non-OECD..........................................................................................................................10
SUPPLY................................................................................................................................................12
Summary...........................................................................................................................................12
OPEC.................................................................................................................................................13Niger Delta Woes Offset Rising Deepwater Supply.........................................................................15OECD................................................................................................................................................16
North America...............................................................................................................................16BP Alaskan Production Closure........................................................................................................18North Sea.......................................................................................................................................19
Former Soviet Union (FSU)..............................................................................................................19
Other Non-OPEC..............................................................................................................................20
Revisions to Other Non-OPEC Estimates.....................................................................................20
OECD STOCKS....................................................................................................................................22
Summary...........................................................................................................................................22
OECD Industry Stock Changes in June 2006...................................................................................23
OECD North America...................................................................................................................23
OECD Europe...............................................................................................................................23
OECD Pacific................................................................................................................................24
OECD Inventory Position at End-June and Revisions to Preliminary Data.....................................24
Recent Developments in ARA Independent Storage........................................................................25
Recent Developments in Singapore Stocks.......................................................................................25
PRICES.................................................................................................................................................27
Summary...........................................................................................................................................27
Oil Futures Prices..............................................................................................................................27Spot Crude Oil Prices........................................................................................................................28Delivered Crude Prices in May.....................................................................................................29Spot Product Prices...........................................................................................................................29End-User Product Prices in July....................................................................................................30
Freight...............................................................................................................................................31
REFINING............................................................................................................................................33
Summary...........................................................................................................................................33
Refining Margins..............................................................................................................................33
OECD North America...................................................................................................................33
OECD Europe...............................................................................................................................35
Asia...............................................................................................................................................37
Refinery Throughput.........................................................................................................................37
OECD North America...................................................................................................................38
OECD Europe...............................................................................................................................39
OECD Pacific................................................................................................................................39
Offline Refinery Capacity.................................................................................................................39
Non-OECD Throughputs..............................................................................................................40
TABLES................................................................................................................................................42
OIL MARKET REPORT CONTACTS
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