U.S. Petroleum Weekly – February 17, 2011

(For The Week Ending February 11, 2011)

Markets well supplied, demand weak, refiners cutting refining capacity and crude oil imports. Record high WTI – Brent pricing disparity.

WTI vs. Brent front month futures spread reached new high of 18.9 USD per barrel. Perfect convergence trade.

Crude oil stocks rose 0.9 million barrels; Gasoline stocks increased 0.2 million barrels; Distillate stocks fell 3.1 million barrels; Propane/propylene stocks were down 3.8 million barrels; Other oils stocks fell 1.3 million barrels; Total crude oil and petroleum stocks were 8.4 million barrels lower for the week.

Implied crude oil demand remained unchanged.

Refinery utilization rate fell 3.5% to 81.2%.

Crude oil imports again turning lower.

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