U.S. Petroleum Weekly – 21 January 2010

Crude oil stocks fell 0.5 million barrels for week ending 15 January; Gasoline stocks increased for 4 million barrels; Distillate stocks decreased 3.3 million barrels; Propane/propylene stocks fell 4.8 million barrels; Other oils were down 0.2 million barrels; Total crude oil and petroleum stocks fell 1.6 million barrels.

Refinery utilization surprised to the downside reaching 78.3% (2.1 standard deviations from the 10 year average).

Crude oil and petroleum product net imports decreased reaching 9.5 million barrels. All categories of petroleum stocks are still at elevated levels.

The demand is weak. Gasoline stocks are at 10 year highs. Refinery utilization at 10 year lows. If we have correction in equity, crude oil could hit twenties.

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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