At mid-day dealings European stocks made gains on weaker euro traded at $1.2110 and crude-oil prices below $60 a barrel before U.S. inventory data release. Germany’s DAX 30 advanced 0.4%, Frances CAC 40 was up 0.3%, London’s FTSE 100 climbed 0.5%.

South Korean Steel Company POSCO has agreed with Orissa State of India to invest up to $12 billion in steel plant and iron ore mining project. India uses 30 kilogram of steel whereas China uses $180 kilogram of steel per person. This will be the largest ever direct investment in India.

Brazilian Real rose beyond three-year high to R2.37 to a dollar amidst strong fund flows as investors chase interest rate of 19% on Brazilian government bonds. The stock market fell 1.3% at mid-day trading.

Mexican stocks fell close to one percent as investors sold stocks of cellular carrier American Movil and world’s third largest cement maker Cemex. Investors are awaiting inflation data on Thursday.



DEPARTMENT OF ENERGY WEEKLY PETROLEUM REPORT SUMMARY


Summary of Weekly Petroleum Data for the Week Ending June 17, 2005

U.S. crude oil refinery inputs averaged 16.0 million barrels per day during the week ending June 17, down 386,000 barrels per day from the previous week's average. Refineries operated at 94.8 percent of their operable capacity last week. With lower refinery inputs, both gasoline and distillate production reported declines last week, averaging 8.7 million barrels per day and 4.2 million barrels per day, respectively.

U.S. crude oil imports averaged about 10.2 million barrels per day last week, down 440,000 barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged about 10.4 million barrels per day, which is unchanged over the comparable four weeks last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged over 1.1 million barrels per day, while distillate fuel imports averaged 142,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) fell by 1.6 million barrels from the previous week. At 327.4 million barrels, U.S. crude oil inventories remain well above the upper end of the average range for this time of year. Total motor gasoline inventories increased by 0.2 million barrels last week, putting them in the upper half of the average range. Distillate fuel inventories rose by 1.3 million barrels last week, but remain in the lower half of the average range for this time of year. High-sulfur distillate fuel (heating oil) inventories posted a 1.8 million barrel gain last week, while low-sulfur distillate fuel (diesel fuel) inventories reported a 0.3 million barrel decline. Total commercial petroleum inventories increased by 2.9 million barrels last week, placing them above 1 billion barrels for the second consecutive week.

Total product supplied over the last four-week period has averaged 20.6 million barrels per day, or 1.7 percent more than averaged over the same period last year. Over the last four weeks, motor gasoline demand has averaged 9.4 million barrels per day, or 2.5 percent above the same period last year, while distillate fuel demand has averaged 4.1 million barrels per day, or 6.9 percent above the same period last year. Kerosene-type jet fuel demand is up 3.4 percent over the last four weeks compared to the same four-week period last year.