U.S. Petroleum Weekly – 16 January 2010
Crude oil stocks rose 3.3 million barrels for week ending 8 January; Gasoline stocks increased for 3.9 million barrels; Distillate stocks gained 1.4 million barrels; Propane/propylene stocks fell 3.5 million barrels; Other oils were down 3.2 million barrels; Total crude oil and petroleum stocks increased 3.5 million barrels.
Refinery utilization remained surprised to the upside reaching 81.3%.
Crude oil and petroleum product net imports increased again reaching 9.7 million barrels. All categories of petroleum stocks are still at elevated levels.
Crude oil price dived after the stocks report; From my point of view this report is an improvement compared with the last weeks so I am surprised with the magnitude of price action.
Chart 1. Crude Oil Futures
Source: StockCharts.com
Chart 2. Change in U.S. Crude Oil and Distillates Stocks
Source: EIA
Chart 3. U.S. Total Crude Oil, Gasoline and Distillate Ending Stocks
Source: EIA
Chart 4. U.S. Refinery Capacity, Inputs, and Production
Source: EIA
Chart 5. Weekly U.S. Total Crude Oil and Petroleum Products Imports and Exports
Source: EIA