Oil rises as traders price possibility of QE3

The QE Vigilantes!

EIA Report

Summary of Weekly Petroleum Data for the Week Ending June 1, 2012

U.S. crude oil refinery inputs averaged just under 15.5 million barrels per day during the week ending June 1, 299,000 barrels per day above the previous week’s average. Refineries operated at 91.0 percent of their operable capacity last week. Gasoline production decreased last week, averaging about 9.1 million barrels per day. Distillate fuel production increased last week, averaging nearly 4.7 million barrels per day.

U.S. crude oil imports averaged about 9.0 million barrels per day last week, down by 99,000 barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged just under 8.9 million barrels per day, 111,000 barrels per day below the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 836 thousand barrels per day. Distillate fuel imports averaged 98 thousand barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 0.1 million barrels from the previous week. At 384.6 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year. Total motor gasoline inventories increased by 3.3 million barrels last week and are in the lower limit of the average range. Both finished gasoline inventories and blending components inventories increased last week. Distillate fuel inventories increased by 2.3 million barrels last week and are in the lower limit of the average range for this time of year. Propane/propylene inventories increased by 2.3 million barrels last week and are above the upper limit of the average range. Total commercial petroleum inventories increased by 6.8 million barrels last week.

Total products supplied over the last four-week period have averaged about 18.6 million barrels per day, down by 2.0 percent compared to the similar period last year. Over the last four weeks, motor gasoline product supplied has averaged just under 8.8 million barrels per day, down by 4.0 percent from the same period last year. Distillate fuel product supplied has averaged 3.6 million barrels per day over the last four weeks, down by 5.0 percent from the same period last year. Jet fuel product supplied is 1.4 percent lower over the last four weeks compared to the same four-week period last year.

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About the Author
Phil Flynn

Senior energy analyst at The PRICE Futures Group and a Fox Business Network contributor. He is one of the world's leading market analysts, providing individual investors, professional traders, and institutions with up-to-the-minute investment and risk management insight into global petroleum, gasoline, and energy markets. His precise and timely forecasts have come to be in great demand by industry and media worldwide and his impressive career goes back almost three decades, gaining attention with his market calls and energetic personality as writer of The Energy Report. You can contact Phil by phone at (888) 264-5665 or by email at pflynn@pricegroup.com. Learn even more on our website at www.pricegroup.com.

 

Futures and options trading involves substantial risk of loss and may not be suitable for everyone. The information presented by The PRICE Futures Group is from sources believed to be reliable and all information reported is subject to change without notice.


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