Categorized | Consumption, DailyFX, Inventories

Crude Oil Inventories Watch: Week Ending 08/06/2010

Posted on 13 August 2010 by DailyFX

Inventories

The Department of Energy reported that in the week ending August 6th, 2010, U.S. crude oil decreased by 3.0 million barrels, gasoline inventories increased by 0.4 million barrels, distillate inventories increased by 3.5 million barrels, and total petroleum inventories increased by 0.1 million barrels. Inventories remain at 10-year highs, while product inventories maintain record seasonal levels.

inventories
Total petroleum inventories increased counter seasonally. The surplus now stands at 82.595 million, or 7.9% above the 5-year average, up from 7.7% in the prior week. Total petroleum inventories remain at 10-year highs and above the year ago level.
Petroleum Inventories
Crude oil inventories decreased more than normal, but remain slightly ahead of the year ago level. The overall surplus to the 5-year average decreased to 27.816 million barrels, or 8.5%, down from 9.1% a week ago.
crude oil inventories
Product inventories continue their relentless march higher, with both gasoline and distillate inventories at record seasonal levels. Distillate inventories are now approaching the absolute all-time highs, with levels about 10 million barrels shy of the 1982 record.
Gasoline Inventories
Distillate Inventories

Demand

Demand increased 0.7% week-over-week. Year-over-year distillate demand growth has weakened significantly in recent weeks. YOY growth is running in the low-single digits versus double digits in May and June. Over the last four-weeks, total petroleum demand has averaged 3.1% higher than the year ago period. Gasoline demand is up 3.3% YOY and distillate demand is up 3.6% YOY.

Total petroleum demandGasoline DemandDistillate Demand

Imports

Crude oil imports decreased 0.2 million barrels week-over-week. Over the last four weeks, imports have averaged 10.1 million barrels per day, 0.5 million barrels per day higher than the year ago period.

Crude Oil ImportsGasoline ImportsDistillate Imports

Refinery Activity

Refinery utilization decreased sharply, dipping to 88.1% from 91.2%. Both gasoline and distillate production ticked lower.

Refinery UtilizationGasoline ProductionDistillate Production

Miscellaneous

U.S. crude oil production decreased 3.7% from last week. Year-to-date oil output is up 3.6% from the year ago period.

US Crude Oil Production
Inventories at the NYMEX delivery point, Cushing, Oklahoma decreased 0.1 million barrels week-over-week. Cushing inventories are 167,000 barrels below the record levels set in May. Prompt month calendar spreads remain well-behaved at -0.47.
Cushing Inventories
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