U.S. Petroleum Weekly – 15 April 2010

Crude oil stocks fell 2.2 million barrels for week ending 9 April; Gasoline stocks decreased for 1.0 million barrels; Distillate stocks rose 1.1 million barrels; Propane/propylene stocks increased 1.1 million barrels; Other oils stocks rose 0.2 million barrels; Total crude oil and petroleum stocks were 0.3 million barrels lower than the week before.

Refinery utilization rose from 84.5% to 85.6%.

Crude oil and petroleum product net imports were at 9.4 million barrels, a decrease of 1.2 million barrels. All categories of petroleum stocks are still at elevated levels.

Crude oil price rose despite a mediocre report (at best) yesterday. Decreasing crude oil imports, in my opinion, depict the demand picture the best.

My short crude oil position got stopped yesterday, will probably re-initiate on price strength.

Chart 1. Crude Oil Futures

Source: StockCharts.com

Chart 2. Crude Oil Futures Curve

Source: Bloomberg

Chart 3. Weekly Change in U.S. Crude Oil and Distillates Stocks

Source: EIA

Chart 4. U.S. Total Crude Oil, Gasoline and Distillate Ending 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

This entry was posted on Thursday, April 15th, 2010 at 2:11 am and is filed under Commodities, 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.

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