U.S. Petroleum Weekly – 10 March 2010

Crude oil stocks rose 1.4 million barrels for week ending 5 March; Gasoline stocks fell for 3 million barrels; Distillate stocks decreased 2.2 million barrels; Propane/propylene stocks fell 1.5 million barrels; Other oils were flat; Total crude oil and petroleum stocks fell 5.3 million barrels.

Refinery utilization fell from 81.9% to 80.7%.

Crude oil and petroleum product net imports were at 9.4 million barrels. All categories of petroleum stocks are still at elevated levels.

The demand at this level is new normal; Stockpiles this high don’t warrant oil price this high.

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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