U.S. Petroleum Weekly – June 10, 2010
Crude oil stocks fell 1.8 million barrels for week ending June 4; Gasoline stocks remained flat; Distillate stocks increased 1.8 million barrels; Propane/propylene stocks rose 1.2 million barrels; Total crude oil and petroleum stocks were 0.4 million barrels lower than the week before.
Refinery utilization rose from 87.5% to 89.1%.
Implied demand flat.
Crude oil and petroleum product net imports fell to 9.8 million barrels. All categories of petroleum stocks are still at extremely elevated levels.
As I wrote yesterday, I expect weaker crude oil price in coming months.
Chart 1. Crude Oil Futures
Source: Bloomberg
Chart 2. Crude Oil Futures Curve
Source: Bloomberg
Chart 3. Weekly Change in U.S. Crude Oil and Distillates Stocks
Source: EIA
Chart 4. Crude Oil, Gasoline and Distillate Fuel Implied Demand
Source: DOE
Chart 5. U.S. Total Crude Oil, Gasoline and Distillate Ending Stocks
Source: EIA
Chart 6. U.S. Refinery Capacity, Inputs, and Production
Source: EIA
Chart 7. Weekly U.S. Total Crude Oil and Petroleum Products Imports and Exports
Source: EIA