U.S. Petroleum Weekly – September 10, 2010
(For The Week Ending September 3, 2010)
Crude oil stocks fell 1.9 million barrels for the week ending September 3, 2010; Gasoline stocks decreased 0.2 million barrels; Distillate stocks fell 0.4 million barrels; Propane/propylene stocks rose 1.6 million barrels; Other oils stocks were up 1.5 million barrels; Total crude oil and petroleum stocks were 0.2 million barrels higher than the week before.
Refinery utilization rose 1.2% to 88.2%. This is negative, as more distillates will be added to stockpiles.
Implied crude oil demand remained unchanged.
Crude oil and petroleum product net imports fell for 0.7 million barrels to 9.6 million barrels.
All categories of petroleum stocks are still at extremely elevated levels. Gasoline and distillate stocks at multi-year highs.
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. Crude Oil Implied Demand Seasonality
Source: EIA
Chart 6. U.S. Total Crude Oil, Gasoline and Distillate Ending Stocks
Source: Bloomberg
Chart 7. DOE Motor Gasoline Total Inventory Seasonality
Source: DOE
Chart 8. DOE Distillate Fuel Oil Total Inventory Seasonality
Source: DOE
Chart 9. U.S. Refinery Capacity, Inputs, and Production
Source: EIA
Chart 10. Weekly U.S. Total Crude Oil and Petroleum Products Imports and Exports
Source: EIA