U.S. Petroleum Weekly – August 19, 2010

Crude oil stocks fell 0.8 million barrels for week ending August 13; Gasoline stocks remained unchanged; Distillate stocks increased 1.1 million barrels; Propane/propylene stocks rose 2.4 million barrels; Other oils stocks were up 2.3 million barrels; Total crude oil and petroleum stocks were 5.3 million barrels higher than the week before.

Refinery utilization rose 1.9% to 90.0%.

Implied crude oil demand fell 0.1 million barrels.

Crude oil and petroleum product net imports rose for 0.3 million barrels to 10.4 million barrels.

All categories of petroleum stocks are still at extremely elevated levels. Gasoline and distillate stocks at multi-year highs.

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. DOE Motor Gasoline Total Inventory

Source: DOE

Chart 7. DOE Distillate Fuel Oil Total Inventory

Source: DOE

Chart 8. U.S. Refinery Capacity, Inputs, and Production

Source: EIA

Chart 9. Weekly U.S. Total Crude Oil and Petroleum Products Imports and Exports

Source: EIA

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