U.S. Petroleum Weekly – 3 February 2010

Crude oil stocks rose 2.3 million barrels for week ending 29 January; Gasoline stocks increased for 2 million barrels; Distillate stocks fell 0.9 million barrels; Propane/propylene stocks decreased 3 million barrels; Other oils were down 1.9 million barrels; Total crude oil and petroleum stocks rose 0.8 million barrels.

Refinery utilization fell to a post Lehman new low of 77.7%.

Crude oil and petroleum product net imports were at 9.7 million barrels level (lower bound level). All categories of petroleum stocks are still at elevated levels.

A new low in refinery utilization is an indication of weak demand. The crude oil price recovered strongly, moving again to the shorting range.

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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