Tainted Alpha

Crude oil stocks rose 2.8 million barrels for week ending April 30; Gasoline stocks increased 1.3 million barrels; Distillate stocks rose 0.6 million barrels; Propane/propylene stocks increased 1.8 million barrels; Other oils stocks rose 1.5 million barrels; Total crude oil and petroleum stocks were 9.8 million barrels higher than the week before.

Refinery utilization rose from 89% to 89.6%. A two year high.

Crude oil and petroleum product net imports were at 11.3 million barrels. All categories of petroleum stocks are still at elevated levels.

Crude oil price got hammered (justifiable) on broad markets turmoil, further action will depend exclusively on equity markets direction. My guess, the trend will, probably, be on the downside.

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

Crude Oil

This entry was posted on Wednesday, May 5th, 2010 at 2:36 pm 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.