U.S. Petroleum Weekly – 6 January 2010

Crude oil stocks rose 1.3 million barrels for week ending 1 January; Gasoline stocks grew 3.7 million barrels; Distillate stocks fell 0.2 million barrels; Propane/propylene stocks fell 3.0 million barrels; Other oils were down 2 million barrels; Total crude oil and petroleum stocks decreased 1.8 million barrels.

Refinery utilization remained mostly unchanged at 79.9 %.

Crude oil and petroleum product net imports edged up reaching 9 million barrels, but still at extremely low levels. All categories of petroleum stocks are still at elevated levels.

Crude oil price rocketed to upper end of a trading range, my impression is despite supply/demand fundamentals and on low volumes. Either someone is bullying markets on low volume; getting ready for a positive employment figures action or both.

Chart 1. Crude Oil Futures

Source: StockCharts.com

Chart 2. Change in U.S. Crude Oil and Distillates Stocks

Source: EIA

Chart 3. U.S. Total Crude Oil, Gasoline and Distillate Ending Stocks

Source: EIA

Chart 4. U.S. Refinery Capacity, Inputs, and Production

Source: EIA

Chart 5. Weekly U.S. Total Crude Oil and Petroleum Products Imports and Exports

Source: EIA

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