U.S. Petroleum Weekly – June 30, 2011

June 30th, 2011 by Belisarius

(For The Week Ending June 24, 2011)

Demand is strengthening, crude oil stocks declined, distillates mostly unchanged. Supply/demand balance is tight.

Release of strategic reserve will have, in my view, relatively small effect on supply/demand balance, so the price weakness is probably short-term.

Crude stocks fell 4.4 million barrels; Gasoline stocks were down 1.4 million barrels; Distillate stocks increased 0.3 million barrels; Propane/propylene stocks rose 1.7 million barrels; Other oils stocks rose 1.6 million barrels; Total crude oil and petroleum stocks fell 0.3 million barrels.

 

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