Oil Price Trends
Submitted by editor on Thu, 07/24/2008 - 15:56
Commodities Correspondent
Crude oil futures fell back from their early-July $145/bbl peak, but remain high, supported by a meagre 2Q08 stockbuild, tight distillate markets and ongoing geopolitical risks. Refiners are paying record premiums for distillate-rich crudes in an effort to bolster yields; however, weak gasoline and fuel oil cracks are keeping refining margins low.
Non-OPEC supply is seen rising 640 kb/d to 50.6 mb/d in 2009, following a late-year increase in 2008, with Asia, the Caspian, Brazil, Canada and the US adding to supplies. In addition, NGLs from Saudi Arabia, Qatar, the UAE, Nigeria and Iran underpin the 810 kb/d expansion in OPEC gas liquids in 2009.
OPEC crude supply increased by 350 kb/d in June to 32.4 mb/d, as Saudi Arabian supply rose to 9.45 mb/d and exports from floating storage lifted Iranian supply to 3.8 mb/d. Although higher supply lowers effective OPEC spare capacity to 1.7 mb/d, increases from Saudi Arabia, Angola, Iraq and Nigeria lift overall capacity by around 1.0 mb/d by end-2008.
Global oil product demand is expected to grow by 1.1% or 860 kb/d to 87.7 mb/d in 2009, on a par with 890 kb/d growth in 2008. High oil prices contribute to a contraction in OECD oil product demand, offset by robust growth in developing economies. Strong non-OECD consumption also offsets downward revisions elsewhere, lifting 2008 demand by a modest 80 kb/d.
A counter-seasonal US crude stock draw restricted the May OECD total oil stockbuild to 23.9 mb, only half its usual gain. Preliminary June data suggest a total 2Q08 OECD stock change of around +100 kb/d, well below the five-year average 2Q build of 900 kb/d.
3Q08 global refinery throughput is revised down by 0.4 mb/d to 75.3 mb/d on weak OECD demand and poor margins. The addition of 2 mb/d of crude distillation capacity and significant investment in upgrading units elsewhere should keep gasoline markets well supplied and slightly ease middle distillate tightness during early 2009.
BLUE TANGERINE SOLUTIONS HIRES NEW VICE PRESIDENT OF NETWORK SER
Melbourne, Florida, 7/9/2008 Rob Hill has been named VP of Network Services for the Network Services division of Melbourne, Florida-based Blue Tangerine Solutions.
Hill started with Blue Tangerine Solutions in June, 2008 and is filling a new management position necessary due to the tremendous growth of the new division.
“We are excited to have Mr. Hill join our team,” said Greg Bray, President of BTS. “He has a great ability for helping business owners find the right technology solutions to help their businesses succeed.”
Hill will manage the network services division and will be responsible for growing the business and customer relations, said Bray, who formerly worked with Hill when Hill was VP of Sales and Marketing for eCalton, the parent company of Blue Tangerine Solutions.
Hill said that he would rely on a “breadth of knowledge in the local market” as well as with the industry that encompasses network development and implementation, along with sales and marketing. While at eCalton, Hill helped businesses develop their online and internet strategies.
Hill is also civic minded as seen with his recent involvement with several committees such as Lead Brevard, EDC, Hibiscus Children’s Center, Boy Scouts of America, Indian Princesses and more.
“It’s great to be working in the industry with so many of my former associates,” said Hill. “I think that there is a great deal of opportunity with the Managed Solutions Providers industry in this area.” Blue Tangerine Solutions’ unique approach is to proactively prevent network and PC problems and downtime, helping small and medium businesses efficiently manage their office computer network and increase their productivity. “We are so confident that we can prevent your network from having problems,” said Hill, “that we provide our clients with unlimited hours of help desk support, at no additional charge.”
All this is in line with Blue Tangerine Services’ plans for its overall growth to expand its network services as a compliment to their national Web site division which has continued to grow steadily since its inception in 1995.
For more information about how Blue Tangerine Solutions can help prevent problems on your office network, please contact Rob Hill at 321-309-6900 x 314, or visit www.BlueTangerineSolutions.com.
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