U.S. Petroleum Weekly – February 17, 2011
(For The Week Ending February 11, 2011)
Markets well supplied, demand weak, refiners cutting refining capacity and crude oil imports. Record high WTI – Brent pricing disparity.
WTI vs. Brent front month futures spread reached new high of 18.9 USD per barrel. Perfect convergence trade.
Crude oil stocks rose 0.9 million barrels; Gasoline stocks increased 0.2 million barrels; Distillate stocks fell 3.1 million barrels; Propane/propylene stocks were down 3.8 million barrels; Other oils stocks fell 1.3 million barrels; Total crude oil and petroleum stocks were 8.4 million barrels lower for the week.
Implied crude oil demand remained unchanged.
Refinery utilization rate fell 3.5% to 81.2%.
Crude oil imports again turning lower.