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

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

Chart 3. U.S. Total Crude Oil, Gasoline and Distillate Ending Stocks

Chart 4. U.S. Refinery Capacity, Inputs, and Production

Chart 5. Weekly U.S. Total Crude Oil and Petroleum Products Imports and Exports

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. Both comments and pings are currently closed.