U.S. Petroleum Weekly – September 15, 2011
(For The Week Ending September 2, 2011)
On the supply side we had large crude oil draw in the last two weeks because hurricanes in the gulf. Demand anemic. I still believe that the macro data will be the main factor driving the price of oil. Overall I expect volatile trading with no clear trend.
Crude stocks fell 6.7 million barrels; Gasoline stocks were up 1.9 million barrels; Distillate stocks rose 1.7 million barrels; Propane/propylene stocks increased 1.2 million barrels; Other oils stocks fell 0.7 million barrels; Total crude oil and petroleum stocks were down 5.6 million barrels.
