Consumption is down 1.9%. Refineries hit 89% last week - looks like that will be the highest they get, because crude stocks fell under 300 for the first time in a long time. Otherwise, stocks look pretty balanced. I thought there had been something passed to stop adding to the SPR, but if so, it's being ignored.

Petroleum Stocks % Chg fr
(Million Barrels) 06/27/08 06/20/08 06/27/07 Prev Week Yr Ago
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Crude Oil (Excluding SPR) (9) 299.8 301.8 353.9 -0.7 -15.3
Total Motor Gasoline 210.9 208.8 204.6 1.0 3.1
Reformulated 2.2 2.3 2.3 -4.3 -4.3
Conventional 104.5 104.0 114.2 0.5 -8.5
Blending Components 104.2 102.5 88.2 1.7 18.1
Kerosene-Type Jet Fuel 39.6 40.5 41.2 -2.2 -3.9
Distillate Fuel Oil (7) 120.7 119.4 123.6 1.1 -2.3
15 ppm sulfur and Under 72.8 73.1 67.1 -0.4 8.5
> 15 ppm to 500 ppm sulfur 20.2 19.8 24.3 2.0 -16.9
> 500 ppm sulfur 27.7 26.5 32.3 4.5 -14.2
Residual Fuel Oil 40.0 39.3 36.2 1.8 10.5
Propane/Propylene 41.4 39.7 42.8 4.3 -3.3
Unfinished Oils 85.4 85.8 89.3 -0.5 -4.4
Other Oils (10) 139.3 139.5 145.5 -0.1 -4.3

Total Stocks (Excl SPR) (7) 977.0 974.7 1,037.3 0.2 -5.8
Crude Oil in SPR (11) 705.8 704.8 690.3 0.1 2.2
Total Stocks (Incl SPR) (7) 1,682.8 1,679.6 1,727.6 0.2 -2.6