Tainted Alpha

Crude oil stocks fell 1.8 million barrels for week ending June 4; Gasoline stocks remained flat; Distillate stocks increased  1.8 million barrels; Propane/propylene stocks rose 1.2 million barrels; Total crude oil and petroleum stocks were 0.4 million barrels lower than the week before.

Refinery utilization rose from 87.5% to 89.1%.

Implied demand flat.

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

As I wrote yesterday, I expect weaker crude oil price in coming months.

Chart 1. Crude Oil Futures

Source: Bloomberg

Chart 2. Crude Oil Futures Curve

Source: Bloomberg

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

Source: EIA

Chart 4. Crude Oil, Gasoline and Distillate Fuel Implied Demand

Source: DOE

Chart 5. U.S. Total Crude Oil, Gasoline and Distillate Ending Stocks

Source: EIA

Chart 6. U.S. Refinery Capacity, Inputs, and Production

Source: EIA

Chart 7. 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 Thursday, June 10th, 2010 at 2:35 am 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.