U.S. Petroleum Weekly – July 11, 2011

July 11th, 2011 by Belisarius

(For The Week Ending July 1, 2011)

Crude oil and distillates stocks recorded small declines. 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 0.9 million barrels; Gasoline stocks were down 0.6 million barrels; Distillate stocks decreased 0.2 million barrels; Propane/propylene stocks rose 2.3 million barrels; Other oils stocks rose 1.9 million barrels; Total crude oil and petroleum stocks fell 0.5 million barrels.

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