U.S. Petroleum Weekly – February 3, 2011

February 3rd, 2011 by Belisarius

(For The Week Ending January 28, 2011)

Crude oil stocks rising, markets well supplied, demand weak. The price of oil, nevertheless, is on the rise.

WTI vs. Brent front month futures spread still record high. Perfect convergence trade.

Crude oil stocks rose 2.6 million barrels; Gasoline stocks increased 6.2 million barrels; Distillate stocks fell 1.6 million barrels; Propane/propylene stocks were down 3.9 million barrels; Other oils stocks rose 2.9million barrels; Total crude oil and petroleum stocks were 5.5 million barrels higher for the week.

Implied crude oil demand rose 0.2 million barrels.

Refinery utilization fell 2.7% to 84.5%.

Crude oil and petroleum product net imports remained unchanged.

This entry was posted on Thursday, February 3rd, 2011 at 5:36 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.

Comments are closed.

 
Get Adobe Flash player