Tainted Alpha

Crude oil stocks rose 0.9 million barrels. Gasoline stocks fell 1.8 million barrels. Distillate stocks fell 0.3 million barrels. Other oil stocks edged higher 2.8 million barrels. Total stocks down 4.2 million barrels.

Refinery utilization rate has hit the new low of 79.44% vs. 79.93% the week before. Refinery inputs fell to 14 million barrels, hitting new low.

Crude oil and petroleum products exports hitting new high of 2 million barrels; both total and net imports flirting at extremly low levels.

We have low utilization of refineries, low imports and still no meaningful draw out of the stocks. I have no idea where oil being pumped at only 3 million barrels lower rate (-3,5%) from the peaks ends with IE  U.S. demand running at -10% from the pre-recession level demand. Maybe Chinese stockpiling.

Chart 1. Change in U.S. Crude Oil and Distillates Stocks

Chart 2. U.S. Total Crude Oil, Gasoline and Distillate Ending Stocks

Chart 3. U.S. Refinery Inputs, Capacity And Utilization

Chart 4. Weekly U.S. Total Crude Oil and Petroleum Products Imports and Exports

Crude Oil

This entry was posted on Wednesday, November 18th, 2009 at 5:53 pm and is filed under Commodities, U.S. Petroleum Weekly. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.