Oil Boom Profits

Unleaded Gasoline closed the week at $1.94, just above the 200 day moving average of $1.91

Labels: energy investing, energy stocks, natural gas stocks, oil drilling, oil investing, oil stocks

XOM closed the week at 84.14, below the 50 day moving average of 85.48

Labels: energy investing, energy stocks, natural gas, natural gas stocks, oil drilling, oil investing, oil stocks

Chesapeake Energy Corporation (CHK NYSE), an oil and natural gas exploration and production company, broke out to a new multi-year high on Monday. CHK closed at $37.59, it's highest level since hitting $38.86 on October 3, 2005.

Labels: Chesapeake Energy, natural gas, oil, technical breakout

Summary of Weekly Petroleum Data for the Week Ending June 1, 2007

U.S. crude oil refinery inputs averaged nearly 15.4 million barrels per day
during the week ending June 1, down 235,000 barrels per day from the previous
week's average. Refineries operated at 89.6 percent of their operable capacity
last week. Gasoline production dropped slightly compared to the previous week,
averaging over 9.2 million barrels per day, while distillate fuel production
also declined, averaging nearly 4.3 million barrels per day.

U.S. crude oil imports averaged over 10.2 million barrels per day last week, up
222,000 barrels per day from the previous week. Over the last four weeks, crude
oil imports have averaged nearly 10.4 million barrels per day, or 147,000
barrels per day more than averaged over the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline
blending components) last week averaged 1.5 million barrels per day. Distillate
fuel imports averaged 229,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic
Petroleum Reserve) inched higher by 0.1 million barrels compared to the previous
week. At 342.3 million barrels, U.S. crude oil inventories are just above the
upper end of the average range for this time of year. Total motor gasoline
inventories climbed by 3.5 million barrels last week, but remain well below the
lower end of the average range. Distillate fuel inventories increased by 1.9
million barrels per day, and are just below the upper end of the average range
for this time of year. While heating oil (high-sulfur) inventories were
relatively unchanged, regular diesel fuel (low-sulfur) and ultra-low sulfur
diesel fuel inventories increased. Propane/propylene inventories rose by 1.6
million barrels last week. Total commercial petroleum inventories increased by
3.7 million barrels last week, and are in the middle of the average range for
this time of year.

Total products supplied over the last four-week period has averaged nearly 21.0
million barrels per day, or 2.4 percent above the same period last year. Over
the last four weeks, motor gasoline demand has averaged nearly 9.5 million
barrels per day, or 1.5 percent above the same period last year. Distillate
fuel demand has averaged nearly 4.2 million barrels per day over the last four
weeks, up 2.6 percent compared to the same period last year. Jet fuel demand is
up 0.9 percent over the last four weeks compared to the same four-week period
last year.

The Oil Service Index had another strong week, closing at $252.25

The Philadelphia Oil Service Index (OSX) recently broke through a double top when it eclipsed the high of $235.48 set on May 10 2006.

The OSX closed 5-25-07 at $248.40, just off an all time record high of $256.75.

Baker Hughes, Inc. BHI 9.01%
BJ Services Company BJS 3.32%
Cameron International Corporation CAM 7.54%
Global Industries Ltd. GLBL 2.52%
Global Santa Fe Intl. Corp. GSF 7.44%
Halliburton Company HAL 3.99%
Nabors Industries, Inc. NBR 3.83%
Noble Corp. NE 9.88%
National Oilwell Varco, Inc. 9.92%
Rowan Companies, Inc. RDC 4.17%
Transocean, Inc. RIG 10.55%
Smith International, Inc. SII 5.98%
Schlumberger Ltd. SLB 8.77%
Tidewater, Inc. TDW 7.14%
Weatherford Int'l, Inc. WFT 5.94%

U.S. crude oil refinery inputs averaged over 15.4 million barrels per day during
the week ending April 13, up 372,000 barrels per day from the previous week's
average.  Refineries operated at 90.4 percent of their operable capacity last
week.  Gasoline production increased compared to the previous week, averaging
nearly 8.7 million barrels per day, while distillate fuel production declined
slightly, averaging over 4.2 million barrels per day.

U.S. crude oil imports averaged over 9.9 million barrels per day last week, up
115,000 barrels per day from the previous week. Over the last four weeks, crude
oil imports have averaged 9.9 million barrels per day, or 84,000 barrels per day
more than averaged over the same four-week period last year.  Total motor
gasoline imports (including both finished gasoline and gasoline blending
components) last week averaged over 1.0 million barrels per day. Distillate fuel
imports averaged 263,000 barrels per day last week.