U.S. Petroleum Weekly – 12 November 2009

November 12th, 2009 by Belisarius

Crude oil stocks edged higher 1.8 million barrels; gasoline stocks up 0.8 million barrels; other oils down 4 million barrels; total stocks up 0.9 million barrels.

Refinery utilization rate at 79.9% down from 80.6% last week; inputs into refineries hitting new low.

Net imports up 0.4 million barrels, at lowest levels in this decade.

To sum up, imports and refinery capacity remain at extremely low levels and even given this stockpiles rise. Supply and demand fundamentals disconnected from the crude oil price.

Chart 1. Change in U.S. Crude Oil and Distillates Stocks

Source: EIA

Source: EIA

Chart 2. U.S. Total Crude Oil, Gasoline and Distillate Ending Stocks

Source: EIA

Source: EIA

Chart 3. U.S. Refinery Inputs, Capacity And Utilization

U.S. Refinery Capacity, Inputs, and Production, July 2008 to Present 12112009

Source: EIA

Chart 4. Weekly U.S. Total Crude Oil and Petroleum Products Imports and Exports

Source: EIA

Source: EIA

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