Tainted Alpha

(For The Week Ending November 18, 2010)

Crude oil stocks fell 7.3 million barrels; Gasoline stocks were down 2.7 million barrels; Distillate stocks were down 1.1 million barrels; Propane/propylene stocks rose 0.9 million barrels; Other oils stocks rose 0.7 million barrels; Total crude oil and petroleum stocks were 9.1 million barrels lower than the week before.

Refinery utilization rose 1.6% to 84.0%.

Implied crude oil demand rose 0.3 million barrels to 14.5 million barrels.

Crude oil and petroleum product net imports fell 0.2 million barrels to 8.1 million barrels.

Refiners disciplined in cutting capacity and stocks;stockpiles overall still high; if China reduced imports and U.S. have reduced imports one wonders where excess crude oil is ends up…

Chart 1. Crude Oil Futures

Chart 2. Crude Oil Futures Curve

Chart 3. Weekly Change in U.S. Crude Oil and Distillates Stocks

Chart 4. Crude Oil, Gasoline and Distillate Fuel Implied Demand

Chart 5. Crude Oil Implied Demand Seasonality

Chart 6. U.S. Total Crude Oil, Gasoline and Distillate Ending Stocks

Chart 7. DOE Motor Gasoline Total Inventory Seasonality

Chart 8. DOE Distillate Fuel Oil Total Inventory Seasonality

Chart 9. U.S. Refinery Capacity, Inputs, and Production

Chart 10. Weekly U.S. Total Crude Oil and Petroleum Products Imports and Exports

Crude Oil

This entry was posted on Thursday, November 18th, 2010 at 9:02 am 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.