U.S. Petroleum Weekly – February 10, 2011

February 10th, 2011 by Belisarius

(For The Week Ending February 4, 2011)

Crude oil stocks rising, markets well supplied, demand weak. The price of oil mostly unchanged.

 

WTI vs. Brent front month futures spread reached new high of 15.7 USD per barrel. Perfect convergence trade.

Crude oil stocks rose 1.9 million barrels; Gasoline stocks increased 4.7 million barrels; Distillate stocks rose 0.3 million barrels; Propane/propylene stocks were down 3.1 million barrels; Other oils stocks rose 0.6 million barrels; Total crude oil and petroleum stocks were 3.2 million barrels higher for the week.

Implied crude oil demand remained unchanged.

Refinery utilization rose 0.2% to 84.7%.

Crude oil and petroleum product net imports remained unchanged.

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