Archive for category U.S. Petroleum Weekly

Crude oil stocks rose 0.4 million barrels for week ending July 16; Gasoline stocks rose 1.1 million barrels; Distillate stocks increased  3.9 million barrels; Propane/propylene stocks rose 0.9 million barrels; Total crude oil and petroleum stocks were 5.1 million barrels higher than the week before.

Refinery utilization rose from 90.5% to 91.5%. Highest since August 2007.

Implied crude oil demand was at 15.4 million barrels.

Crude oil and petroleum product net imports  rose to 10.3 million barrels. All categories of petroleum stocks are still at extremely elevated levels.

Chart 1. Crude Oil Futures

Crude oil stocks fell 5.1 million barrels for week ending July 9; Gasoline stocks rose 1.6 million barrels; Distillate stocks increased  2.9 million barrels; Propane/propylene stocks rose 1.9 million barrels; Total crude oil and petroleum stocks were 3.2 million barrels higher than the week before.

Refinery utilization rose from 89.8% to 90.5%. Highest since January 2008.

Crude oil and petroleum product net imports  fell to 9.6 million barrels. All categories of petroleum stocks are still at extremely elevated levels.

Headline crude oil draw only masked the underlaying derivatives stockpiling. Crude oil imports fell as a consequence of reduced gasoline and distillate demand.

Crude oil stocks fell 5.0 million barrels for week ending July 2; Gasoline stocks rose 1.3 million barrels; Distillate stocks increased  0.3 million barrels; Propane/propylene stocks rose 1.9 million barrels; Total crude oil and petroleum stocks were 0.4 million barrels higher than the week before.

Refinery utilization rose from 88.4% to 89.8%. Highest since January 2008.

Crude oil and petroleum product net imports  rose to 10.4 million barrels. All categories of petroleum stocks are still at extremely elevated levels.

Chart 1. Crude Oil Futures

Source: StockCharts.com

Crude oil stocks fell 2.0 million barrels for week ending June 25; Gasoline stocks rose 0.5 million barrels; Distillate stocks increased  2.5 million barrels; Propane/propylene stocks rose 1.6 million barrels; Total crude oil and petroleum stocks were 3.6 million barrels higher than the week before.

Refinery utilization fell from 89.4% to 88.4%.

Implied crude oil demand fell 0.3 million barrels.

Crude oil and petroleum product net imports  fell to 10.0 million barrels. All categories of petroleum stocks are still at extremely elevated levels. If we don’t have meaningful draw during summer (it doesn’t look we will have it) we could be heading to all time high stockpiles latter this year.

Crude oil stocks rose 2.0 million barrels for week ending June 18; Gasoline stocks fell 0.8 million barrels; Distillate stocks increased  0.3 million barrels; Propane/propylene stocks rose 1.1 million barrels; Total crude oil and petroleum stocks were 2.7 million barrels higher than the week before.

Refinery utilization rose from 87.9% to 89.4%.

Crude oil and petroleum product net imports  rose to 10.4 million barrels. All categories of petroleum stocks are still at extremely elevated levels.

Chart 1. Crude Oil Futures

Source: StockCharts.com

Chart 2. Weekly Change in U.S. Crude Oil and Distillates Stocks

Crude oil stocks rose 1.7 million barrels for week ending June 11; Gasoline stocks fell 0.6 million barrels; Distillate stocks increased  1.8 million barrels; Propane/propylene stocks rose 2.2 million barrels; Total crude oil and petroleum stocks were 4.4 million barrels higher than the week before.

Refinery utilization fell from 89.1% to 87.9%.

Implied demand fell 0.3 million barrels.

Crude oil and petroleum product net imports  rose to 10.0 million barrels. All categories of petroleum stocks are still at extremely elevated levels.

Chart 1. Crude Oil Futures

Source: Bloomberg

Crude oil stocks rose 2.5 million barrels; Other oils stocks rose 1.6 million barrels;  Other category of stocks were mostly unchanged for the week ending May 21.

Refinery utilization fell from 87.9% to 87.8%.

Crude oil and petroleum product net imports rose to 11 million barrels. All categories of petroleum stocks are still at extremely elevated levels.

No fundamental improvements, the market is oversupplied, being a believer in further stock market weakens leads to the clear call for the crude oil price – down.

Chart 1. Crude Oil Futures

Source: StockCharts.com

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Belisarius is kind of tied up with his day job in the last few days, so my posting is not as timely as usual.

Crude oil stocks and derivatives stocks were mostly unchanged for the week ending May 14.

Refinery utilization fell from88.4% to 87.9%.

Crude oil and petroleum product net imports were fell to 10.3 million barrels. All categories of petroleum stocks are still at extremely elevated levels.

So, the game is on. How low can it go?

Chart 1. Crude Oil Futures

Source: Bloomberg

Chart 2. Crude Oil Futures Curve

Crude oil stocks rose 1.9 million barrels for week ending May 7; Gasoline stocks fell 2.8 million barrels; Distillate stocks increased  1.4 million barrels; Propane/propylene stocks rose 2.8 million barrels; Other oils stocks were up 1.9 million barrels; Total crude oil and petroleum stocks were 3.4 million barrels higher than the week before.

Refinery utilization fell from 89.6% to 88.4%.

New addition to the graphs is implied demand. It’s hard to dispute that demand has risen a bit, but the disproportion between implied demand and stocks increase is huge.