U.S. Petroleum Weekly – September 16, 2010
(For The Week Ending September 10, 2010)
Crude oil stocks fell 1.9 million barrels for the week ending September 10, 2010; Gasoline stocks decreased 0.7 million barrels; Distillate stocks fell 0.3 million barrels; Propane/propylene stocks fell 0.2 million barrels; Other oils stocks were up 0.8 million barrels; Total crude oil and petroleum stocks were 2.9 million barrels lower than the week before.
Refinery utilization fell 0.6% to 87.6%.
Implied crude oil demand rose 0.2 million barrels.
Crude oil and petroleum product net imports fell for 0.5 million barrels to 9.1 million barrels. That tells a lot on future demand.
All categories of petroleum stocks are still at extremely elevated levels. Gasoline and distillate stocks at multi-year highs.
Looks like investment demand puts a floor on price at around 70 dollars…
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: DOE
Chart 6. U.S. Total Crude Oil, Gasoline and Distillate Ending Stocks
Source: EIA
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