This Week In Petroleum… EIA

The EIA summarizes their weekly numbers released yesterday in a report called This Week In Petroleum found here: http://www.eia.gov/petroleum/weekly/

Here is a chart showing oil stocks compared to the 5 year range:

Oil stock levels are still above 5 year highs, but headed lower… However, seasonally, we would expect stocks to build over the next two months…  Looking at “days supply” gives us a better sense of stock levels relative to current demand:

The day’s supply chart shows that we are getting closer to crossing last year’s number or moving toward a market in balance (at least as compared to last year)… Gasoline has already crossed:

Distillates are getting close:

So, in the U.S., at least, the commodity cycle is at work… Low prices have slowly stimulated demand and reduced production…