Tainted Alpha

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.

Chart 1. Crude Oil Futures

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

Chart 3. U.S. Total Crude Oil, Gasoline and Distillate Ending Stocks

Chart 4. U.S. Refinery Capacity, Inputs, and Production

Chart 5. Weekly U.S. Total Crude Oil and Petroleum Products Imports and Exports

Crude Oil

This entry was posted on Wednesday, July 14th, 2010 at 2:45 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.