U.S. Petroleum Weekly – February 25, 2011

(For The Week Ending February 18, 2011)

I already coved Libya importance for crude oil price: Importance Of Libya For World Oil Production.

Few days later, my view is that if Libya doesn’t restart producing with full capacity soon the price of oil will go up.

In U.S.: Markets are well supplied, demand historically speaking weak, refiners cutting refining capacity and crude oil imports. WTI – Brent pricing disparity still very high.

Crude oil stocks rose 0.8 million barrels; Gasoline stocks fell 2.8 million barrels; Distillate stocks fell 1.3 million barrels; Propane/propylene stocks were down 1.5 million barrels; Other oils stocks fell 4.0 million barrels; Total crude oil and petroleum stocks were 12.1 million barrels lower for the week.

Implied crude oil demand weaker.

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