U.S. Petroleum Weekly – February 17, 2011
Markets well supplied, demand weak, refiners cutting refining capacity and crude oil imports. Record high WTI – Brent pricing disparity.
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U.S. Petroleum Weekly – February 10, 2011
Crude oil stocks rising, markets well supplied, demand weak. The price of oil mostly unchanged.
U.S. Petroleum Weekly – February 3, 2011
Crude oil stocks rising, markets well supplied, demand weak. The price of oil, nevertheless, is on the rise.
U.S. Petroleum Weekly – January 27, 2011
Crude oil stocks rose 4.8 million barrels; Gasoline stocks increased 2.4 million barrels; Distillate stocks fell 0.1 million barrels; Propane/propylene stocks were down 3.3 million barrels; Other oils stocks decreased 2.1 million barrels; Total crude oil and petroleum stocks were 2.4 million barrels higher for the week.
Refinery utilization fell 1.2% to 81.8%.
Implied crude oil demand rose 0.2 million barrels.
Crude oil and petroleum product net imports rose 0.2 million barrels to 9.7 million barrels.
Crude oil stocks rising, markets well supplied, demand weak.
Recent weeks are marked by record WTI vs. Brent crude price spread which is at record high of 11.2 USD per barrel. My best guess is that this is caused by three major factors: oversupplied U.S. market, smaller negative roll yield in Brent (or even positive roll on some contracts), coming CFTC futures position limits.
What this means for the crude oil price? I would say WTI is better proxy for oil price than Brent.
U.S. Petroleum Weekly – January 22, 2011
Crude oil stocks rose 2.6 million barrels; Gasoline stocks increased 4.4 million barrels; Distillate stocks were up 1.1 million barrels; Propane/propylene stocks were down 5.4 million barrels; Other oils stocks decreased 2.4 million barrels; Total crude oil and petroleum stocks were 2.4 million barrels higher for the week.
Refinery utilization fell 3.4% to 83.0%.
Implied crude oil demand fell 0.9 million barrels.
Crude oil and petroleum product net imports rose 0.2 million barrels to 9.5 million barrels.
Crude oil stocks rising, markets well supplied, demand weak.
U.S. Petroleum Weekly – January 13, 2011
Crude oil stocks fell 2.2 million barrels; Gasoline stocks rose 5.1 million barrels; Distillate stocks were up 2.7 million barrels; Propane/propylene stocks were down 3.4 million barrels; Other oils stocks decreased 3.4 million barrels; Total crude oil and petroleum stocks were 0.9 million barrels higher for the week.
Refinery utilization rose 1.6% to 86.4%.
Implied crude oil demand remained unchanged.
Crude oil and petroleum product net imports rose 1.4 million barrels to 9.3 million barrels.
Large gasoline stockpiling because of bad weather. Going into new year crude oil stocks will probably rise on refiner restocking and not so stellar demand.
U.S. Petroleum Weekly – January 6, 2011
Crude oil stocks fell 4.2 million barrels; Gasoline stocks rose 3.3 million barrels; Distillate stocks increased 1.4 million barrels; Propane/propylene stocks were down 2.7 million barrels; Other oils stocks fell 3.4 million barrels; Total crude oil and petroleum stocks were 6.3 million barrels lower for the week.
Refinery utilization rose 0.2% to 88.0%.
Crude oil and petroleum product net imports fell 1.3 million barrels to 7.9 million barrels.
Demand is mostly unchanged; stocks are falling on increased exports and smaller imports.
Going into new year crude oil stocks will probably rise on refiner restocking.
U.S. Petroleum Weekly – December 31, 2010
Crude oil stocks fell 1.3 million barrels; Gasoline stocks decreased 2.3 million barrels; Distillate stocks rose 0.2 million barrels; Propane/propylene stocks were down 2.5 million barrels; Other oils stocks decreased 2.2 million barrels; Total crude oil and petroleum stocks were 9.2 million barrels lower for the week.
Refinery utilization rose 0.1% to 87.8%.
Implied crude oil demand fell 0.5 million barrels.
Crude oil and petroleum product net imports fell0.2 million barrels to 9.2 million barrels.
Refiners reduced crude oil stocks because use of LIFO accounting enables them to keep lower priced inventory on hand; expense higher priced one and consequently pay lower taxes. Demand also recovered a bit.
Going into new year crude oil stocks will probably rise on refiner restocking.
U.S. Petroleum Weekly – December 23, 2010
Crude oil stocks fell 5.3 million barrels; Gasoline stocks rose 2.4 million barrels; Distillate stocks fell 0.6 million barrels; Propane/propylene stocks fell 3.5 million barrels; Other oils stocks decreased 0.3 million barrels; Total crude oil and petroleum stocks were 6.0 million barrels lower for the week.
Refinery utilization fell 0.3% to 87.7%.
Implied crude oil demand rose 0.4 million barrels.
Crude oil and petroleum product net imports rose 1.7 million barrels to 9.4 million barrels. Back to normal.
Another stockpile draw and another rise in gasoline stocks. Demand flat. Overall the crude oil stocks decrease data gives a kind of bullish tone for oil price.
U.S. Petroleum Weekly – December 16, 2010
Crude oil stocks fell 9.9 million barrels; Gasoline stocks were up 0.8 million barrels; Distillate stocks rose 1.1 million barrels; Propane/propylene stocks fell 1.9 million barrels; Other oils stocks decreased 3.8 million barrels; Total crude oil and petroleum stocks were 15.6 million barrels lower for the week.
Refinery utilization rose 0.5% to 88.0%.
Implied crude oil demand fell 0.5 million barrels.
Crude oil and petroleum product net imports fell 1.8 million barrels to 7.8 million barrels. Lowest level in more than 10 years.
Impressive and record stockpile draw; No prof of increased demand; Looks like oil traders move crude oil around the globe.
U.S. Petroleum Weekly – December 9, 2010
rude oil stocks fell 3.8 million barrels; Gasoline stocks were up 3.8 million barrels; Distillate stocks rose 2.2 million barrels; Propane/propylene stocks fell 2.3 million barrels; Other oils stocks decreased 4.5 million barrels; Total crude oil and petroleum stocks fell 5.3 million barrels for the week.
Refinery utilization rose 4.9% to 87.5%.
Implied crude oil demand rose 1.3 million barrels.
Crude oil and petroleum product net imports rose 1.1 million barrels to 9.6 million barrels.
Kind of mixed report, large temperature related draws, on the other hand large stockpiling of gasoline and distillates. Imports increased and refinery utilization increased, so the risk is on the side of further stock increases.
Most important we had large moves in the futures curve; the curve flattened and prices in the mid of the two year curve rose higher than the prices on the end of the curve. This could be big thing and a potential prelude to the curve move into backwardation.
U.S. Petroleum Weekly – December 2, 2010
Crude oil stocks rose 1.0 million barrels; Gasoline stocks were up 0.6 million barrels; Distillate stocks were down 0.2 million barrels; Propane/propylene stocks fell 1.1 million barrels; Other oils stocks decreased 3.5 million barrels; Total crude oil and petroleum stocks were unchanged for the week.
Refinery utilization fell 2.9% to 82.6%.
Implied crude oil demand fell 0.5 million barrels.
Crude oil and petroleum product net imports fell 0.9 million barrels to 8.5 million barrels.
No other comment than that demand is week, stocks are high since the start of last recession and this is not changing or improving.
U.S. Petroleum Weekly – November 25, 2010
Crude oil stocks rose 1.0 million barrels; Gasoline stocks were up 1.9 million barrels; Distillate stocks were down 0.5 million barrels; Propane/propylene stocks fell 0.4 million barrels; Other oils stocks decreased 1.4 million barrels; Total crude oil and petroleum stocks were 0.3 million barrels lower than the week before.
Refinery utilization rose 1.5% to 85.5%.
Implied crude oil demand remained unchanged.
Crude oil and petroleum product net imports rose 1.3 million barrels to 9.4 million barrels.
Excess of excesses are now cleared; demand is unchanged and now again the stocks will probably again begin to rise.
U.S. Petroleum Weekly – November 18, 2010
Crude oil stocks fell 7.3 million barrels; Gasoline stocks were down 2.7 million barrels; Distillate stocks were down 1.1 million barrels; Propane/propylene stocks rose 0.9 million barrels; Other oils stocks rose 0.7 million barrels; Total crude oil and petroleum stocks were 9.1 million barrels lower than the week before.
Refinery utilization rose 1.6% to 84.0%.
Implied crude oil demand rose 0.3 million barrels to 14.5 million barrels.
Crude oil and petroleum product net imports fell 0.2 million barrels to 8.1 million barrels.
Refiners disciplined in cutting capacity and stocks;stockpiles overall still high; if China reduced imports and U.S. have reduced imports one wonders where excess crude oil is ends up…
U.S. Petroleum Weekly – November 4, 2010
(For The Week Ending October 29, 2010) QE 2 !!! Chart 1. Crude Oil Futures Chart 2. Crude Oil Futures Curve Chart 3. Weekly Change in U.S. Crude Oil and Distillates Stocks Chart 4. Crude Oil, Gasoline and Distillate Fuel Implied Demand Chart 5. Crude Oil Implied Demand Seasonality Chart 6. U.S. Total Crude Oil, […]