U.S. Petroleum Weekly – 15 April 2010
Crude oil stocks fell 2.2 million barrels for week ending 9 April; Gasoline stocks decreased for 1.0 million barrels; Distillate stocks rose 1.1 million barrels; Propane/propylene stocks increased 1.1 million barrels; Other oils stocks rose 0.2 million barrels; Total crude oil and petroleum stocks were 0.3 million barrels lower than the week before.
Refinery utilization rose from 84.5% to 85.6%.
Crude oil and petroleum product net imports were at 9.4 million barrels, a decrease of 1.2 million barrels. All categories of petroleum stocks are still at elevated levels.
Crude oil price rose despite a mediocre report (at best) yesterday. Decreasing crude oil imports, in my opinion, depict the demand picture the best.
My short crude oil position got stopped yesterday, will probably re-initiate on price strength.
Chart 1. Crude Oil Futures
Source: StockCharts.com
Chart 2. Crude Oil Futures Curve
Chart 3. Weekly Change in U.S. Crude Oil and Distillates Stocks
Source: EIA
Chart 4. U.S. Total Crude Oil, Gasoline and Distillate Ending Stocks
Source: EIA
Chart 5. U.S. Refinery Capacity, Inputs, and Production
Source: EIA
Chart 6. Weekly U.S. Total Crude Oil and Petroleum Products Imports and Exports
Source: EIA