U.S. Petroleum Weekly – March 10, 2011

(For The Week Ending March 4, 2011)

Libya is out of the markets for some time. If demand stays at recent levels crude oil price will go up.

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

Crude oil stocks rose 2.5 million barrels; Gasoline stocks fell 5.5 million barrels; Distillate stocks decreased 4.0 million barrels; Propane/propylene stocks were down 1.4 million barrels; Other oils stocks rose 1.0 million barrels; Total crude oil and petroleum stocks were 6.3 million barrels lower for the week.

Refining industry discipline, stockpiling ahead of expected rise in prices and  seasonal demand patterns are (very slowly) bringing down stockpiles.

Implied crude oil demand weaker.

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