U.S. Petroleum Weekly – September 16, 2010

(For The Week Ending September 10, 2010)

Crude oil stocks fell 1.9 million barrels for the week ending September 10, 2010; Gasoline stocks decreased 0.7 million barrels; Distillate stocks fell 0.3 million barrels; Propane/propylene stocks fell 0.2 million barrels; Other oils stocks were up 0.8 million barrels; Total crude oil and petroleum stocks were 2.9 million barrels lower than the week before.

Refinery utilization fell 0.6% to 87.6%.

Implied crude oil demand rose 0.2 million barrels.

Crude oil and petroleum product net imports fell for 0.5 million barrels to 9.1 million barrels. That tells a lot on future demand.

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

Looks like investment demand puts a floor on price at around 70 dollars…

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: DOE

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

Source: EIA

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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