EIA Weekly Petroleum Status Report: Talking Points

• Crude oil stocks ↑3.1 million barrels nationally, including a 4.7 million barrel increase in the Gulf Coast region after imports ↑206,000 bpd
• Distillate fuel oil inventories ↓2.9 million barrels on the cold weather, though stocks remain 12.5 million barrels above levels one year ago
• Motor gasoline production ↓379,000 bpd and imports ↓459,000 bpd as suppliers react to tepid shoulder season demand
• Refinery utilization rose by 0.7% to 79.8%, implying that at least 3.6 million bpd of US capacity remains idle due to weak product cracks

Consumer Hedge Tear Sheet: February 18th

Crude Oil Implied Volatility Spikes

The implied volatility of WTI options spiked 4.25% during today's trading session, rising to 36.5% annualized. Worse-than-expected US unemployment figures and increasing doubts regarding the Greek, Portuguese and Spanish fiscal deficits led March 2010 WTI futures down over $4.00 earlier today.

Besides today the most recent >4% move in WTI implied volatility occured on July 6, 2009.

US distillate inventories are reducing as expected during the winter - though levels remain far above prior years.

Source: US Energy Information Agency, http://tonto.eia.doe.gov/dnav/pet/hist/wdistus1w.htm

Consumer Hedge Tear Sheet: 27 Jan 2010

Consumer Hedge Tear Sheet: 19 Jan 2010

Consumer Hedge Tear Sheet: Dec 17