U.S. Petroleum Weekly – 25 November 2009

November 25th, 2009 by Belisarius

Crude oil stocks were 1 million barrels higher than the week before. Gasoline stocks also 1 million barrels higher. Total distillates 0.5 million barrels lower. Other oils stock ended 1.6 million barrels higher.

U.S. net imports reached 9.8 million barrels but the rebound in imports coincided with stock increase. Refinery utilization edged higher to 80.25%.

Overall, the demand is not recovering, supplies are still abundant and fundamentals don’t support crude oil price at these levels.

Chart 1. Change in U.S. Crude Oil and Distillates Stocks

Source: EIA

Source: EIA

Chart 2. U.S. Total Crude Oil, Gasoline and Distillate Ending Stocks

Source: EIA

Source: EIA

Chart 3. U.S. Refinery Capacity, Inputs, and Production

Source: EIA

Source: EIA

Chart 4. Weekly U.S. Total Crude Oil and Petroleum Products Imports and Exports

Source: EIA

Source: EIA

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