OGJ Newsletter

07/19/1999
Click here to enlarge imageU.S. INDUSTRY SCOREBOARD 7/19Oil market fundamentals are improving by almost all measures, according to the latest IEA figures. IEA`s June data indicate that oil prices and demand are up, while production and stocks are down.IEA predicts world oil demand will average 75.1 million b/d this year, up 1.1 million b/d from 1998. This is a 50,000 b/d increase over its June forecast."Crude runs in OECD countries declined by more than 1 million b/d in May, driving refinery utilization down to 88%," it said. "Product pricesellipsefollowed crude prices higher but failed to translate into wider refining margins."OECD industry stocks rose in May by 0.7 million b/d, a buil...
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