U.S. Petroleum Weekly – September 23, 2010

For The Week Ending September 17, 2010)

Crude oil stocks rose 1.0 million barrels for the week ending September 17, 2010; Gasoline stocks increased 1.6 million barrels; Distillate stocks were up 0.3 million barrels; Propane/propylene stocks remained unchanged; Other oils stocks were up 0.7 million barrels; Total crude oil and petroleum stocks were 2.9 million barrels higher than the week before.

Refinery utilization rose 0.6% to 87.8%.

Implied crude oil demand fell 0.2 million barrels.

Crude oil and petroleum product net imports rose 0.5 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.

Stocks up, demand down…maybe finally crude oil price could brake lower trading band…

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

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