U.S. Petroleum Weekly – August 12, 2010
Crude oil stocks fell 3.0 million barrels for week ending August 6; Gasoline stocks rose 0.4 million barrels; Distillate stocks increased 3.5 million barrels; Propane/propylene stocks rose 2.3 million barrels; Other oils stocks fell 2.4 million barrels; Total crude oil and petroleum stocks were 0.1 million barrels higher than the week before.
Refinery utilization fell 3.1% to 88.1%.
Implied crude oil demand fell 0.4 million barrels.
Crude oil and petroleum product net imports fell to for 0.3 million barrels. All categories of petroleum stocks are still at extremely elevated levels.
Refinery utilization rate backdrop suggests expectations of weak demand. Gasoline stocks at multi-year high as summer driving season disappointed.
Chart 1. Crude Oil Futures
Source: Bloomberg
Chart 2. Crude Oil Futures Curve
Source: Bloomberg
Chart 3. Weekly Change in U.S. Crude Oil and Distillates Stocks
Source: EIA
Chart 4. Crude Oil, Gasoline and Distillate Fuel Implied Demand
Source: DOE
Chart 5. U.S. Total Crude Oil, Gasoline and Distillate Ending Stocks
Source: EIA
Chart 6. DOE Motor Gasoline Total Inventory
Source: DOE
Chart 7. U.S. Refinery Capacity, Inputs, and Production
Source: EIA
Chart 8. Weekly U.S. Total Crude Oil and Petroleum Products Imports and Exports
Source: EIA