U.S. Petroleum Weekly – March 3, 2011

(For The Week Ending February 25, 2011)

To repeat: 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 fell 0.4 million barrels; Gasoline stocks fell 3.6 million barrels; Distillate stocks fell 0.8 million barrels; Propane/propylene stocks were down 1.0 million barrels; Other oils stocks fell 0.6 million barrels; Total crude oil and petroleum stocks were 6.5 million barrels lower for the week.

Refining industry discipline and seasonal demand patterns are very slowly bringing down stockpiles.

Implied crude oil demand weaker.

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