Tainted Alpha

Crude oil stocks increased 2.1 million barrels; Gasoline stocks rose 4 million barrels; Distillate stocks fell  1.2 million barrels; Other oils flat; Total crude oil and petroleum products ending stocks up 5.9 million barrels.

Refinery utilization rate again below 80%: at 70.66%. Last weeks tick up in utilization caused gasoline stocks rising.

Total crude oil and petroleum products net imports at 9.4 million barrels vs. 9.6 million barrels the week before.

All in all nothing has changed, demand doesn’t seem to be recovering. Stocks moderately increased. This corroborates my view that the crude oil is overpriced; looking for a short position entry point at top end of the recent trading range.

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

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

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

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

Crude Oil

This entry was posted on Wednesday, December 2nd, 2009 at 10:09 am and is filed under U.S. Petroleum Weekly. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.