U.S. Petroleum Weekly – September 23, 2010
For The Week Ending September 17, 2010)
Crude oil stocks rose 1.0 million barrels for the week ending September 17, 2010; Gasoline stocks increased 1.6 million barrels; Distillate stocks were up 0.3 million barrels; Propane/propylene stocks remained unchanged; Other oils stocks were up 0.7 million barrels; Total crude oil and petroleum stocks were 2.9 million barrels higher than the week before.
Refinery utilization rose 0.6% to 87.8%.
Implied crude oil demand fell 0.2 million barrels.
Crude oil and petroleum product net imports rose 0.5 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.
Stocks up, demand down…maybe finally crude oil price could brake lower trading band…
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