Tainted Alpha

Crude oil stocks rose 1 million barrels for week ending 12 March; Gasoline stocks fell for 1.7 million barrels; Distillate stocks decreased 1.5 million barrels; Propane/propylene stocks fell o.2 million barrels; Other oils stocks rose 1 million barrels; Total crude oil and petroleum stocks fell 2.4 million barrels.

Refinery utilization fell from 80.7% to 80.6%.

Crude oil and petroleum product net imports were at 8.9 million barrels. All categories of petroleum stocks are still at elevated levels.

Again…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. 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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Crude Oil

This entry was posted on Wednesday, March 17th, 2010 at 4:57 pm and is filed under U.S. Petroleum Weekly. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.