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