U.S. Petroleum Weekly – 19 February 2010

Crude oil stocks rose 3.1 million barrels for week ending 12 February; Gasoline stocks increased for 1.6 million barrels; Distillate stocks fell 2.9 million barrels; Propane/propylene stocks decreased 2.9 million barrels; Other oils were flat; Total crude oil and petroleum stocks fell 2.4 million barrels.

Refinery utilization rose from 79.1% to 79.8%.

Crude oil and petroleum product net imports were at 9.2 million barrels. All categories of petroleum stocks are still at elevated levels.

Now addition to the charts is Chart 4. We can see that in the last six months most of the draw is concentrated in propane/propylene and other stocks product groups which are connected with heating. Gasoline stock rose. With heating season moving to the end the total stockpiles could again start to rise an put pressure to the crude oil price.

Chart 1. Crude Oil Futures

Source: StockCharts.com

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

Source: EIA

Chart 5. U.S. Refinery Capacity, Inputs, and Production

Source: EIA

Chart 6. Weekly U.S. Total Crude Oil and Petroleum Products Imports and Exports

Source: EIA

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