U.S. Petroleum Weekly – February 17, 2011

February 17th, 2011 by Belisarius

(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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