U.S. Petroleum Weekly – 24 March 2010

Crude oil stocks rose 7.2 million barrels for week ending 19 March; Gasoline stocks fell for 2.7 million barrels; Distillate stocks decreased 2.4 million barrels; Propane/propylene stocks were flat; Other oils stocks decreased 1.1 million barrels; Total crude oil and petroleum stocks increased 0.4 million barrels.

Refinery utilization rose from 80.6% to 81.1%.

Crude oil and petroleum product net imports were at 9.8 million barrels. All categories of petroleum stocks are still at elevated levels.

A big increase in crude oil stocks; a price reaction not adequate, I would go short crude oil.

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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