U.S. Petroleum Weekly – 24 February 2010

Crude oil stocks rose 3.0 million barrels for week ending 19 February; Gasoline stocks decreased for 0.9 million barrels; Distillate stocks fell 0.6 million barrels; Propane/propylene stocks decreased 2.3 million barrels; Other oils fell 1.1 million barrels; Total crude oil and petroleum stocks rose 1.4 million barrels.

Refinery utilization rose from 79.8% to 81.2%.

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

A report really unsupportive to crude oil prices. A clear short opportunity is developing.

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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