U.S. Petroleum Weekly – September 10, 2010

(For The Week Ending September 3, 2010)

Crude oil stocks fell 1.9 million barrels for the week ending September 3, 2010; Gasoline stocks decreased 0.2 million barrels; Distillate stocks fell 0.4 million barrels; Propane/propylene stocks rose 1.6 million barrels; Other oils stocks were up 1.5 million barrels; Total crude oil and petroleum stocks were 0.2 million barrels higher than the week before.

Refinery utilization rose 1.2% to 88.2%. This is negative, as more distillates will be added to stockpiles.

Implied crude oil demand remained unchanged.

Crude oil and petroleum product net imports fell for 0.7 million barrels to 9.6 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. Crude Oil Implied Demand Seasonality

Source: EIA

Chart 6. U.S. Total Crude Oil, Gasoline and Distillate Ending Stocks

Source: Bloomberg

Chart 7. DOE Motor Gasoline Total Inventory Seasonality

Source: DOE

Chart 8. DOE Distillate Fuel Oil Total Inventory Seasonality

Source: DOE

Chart 9. U.S. Refinery Capacity, Inputs, and Production

Source: EIA

Chart 10. Weekly U.S. Total Crude Oil and Petroleum Products Imports and Exports

Source: EIA

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