U.S. Petroleum Weekly – 12 February 2010

Crude oil stocks rose 2.4 million barrels for week ending 5 February; Gasoline stocks increased for 2.3 million barrels; Distillate stocks fell 0.4 million barrels; Propane/propylene stocks decreased 1.3 million barrels; Other oils were down 1 million barrel; Total crude oil and petroleum stocks rose 1.9 million barrels.

Refinery utilization rose from the post Lehman of 77.7% to 79.1%.

Crude oil and petroleum product net imports were at 10.1 million barrels level. All categories of petroleum stocks are still at elevated levels.

Well, all the same, the demand has a new lower normal. The new normal doesn’t support the prices this high.

Chart 1. Crude Oil Futures

Source: EIA

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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