In this week’s petroleum and crude oil weekly update by the Energy Information Administration, the U.S refinery capacity for 2011 and 2012 was examined. The report shows there has been a drop in the refineries capacity during 2011 mainly due to the closure of two refineries in Pennsylvania. The total U.S oil and petroleum stockpiles rose during last week by 2.6 million bl. On the other hand, crude oil stockpiles edged down. There was a rise in production, imports and refinery inputs. The ongoing stock up in stockpiles coincides with the recent decline in crude oil prices. Finally, the prices of gasoline and diesel in the U.S also plummeted during last week.
Here is a weekly overview for the week ending on June 22nd 2012 of the U.S oil and petroleum market:
Crude Oil Stockpiles
For the week ending on June 22nd, U.S. Petroleum and crude oil stockpiles rose by 2.6 million barrels and reached 1,798.094 million barrels. The current oil stockpiles are currently slightly higher than the quota from last year: the current crude oil stockpiles are 6.4 million barrels above oil stockpiles levels recorded during the parallel week during 2011.
U.S. Ending Stocks of crude oil edged down by 0.1 million barrels and reached 1,083.117 million barrels.
The U.S. Ending Stocks of Total Gasoline increased by 1.02% compared with last week’s stocks; it reached 204.822 million barrels.
The chart below presents the developments of petroleum and oil stockpiles and WTI crude oil price between the years 2010 and 2012. During the past years the lagged linear correlation between WTI oil price and current oil stockpiles was -0.164.
During last week refinery inputs oil and production and imports rose again.
The four week average of U.S. production (million of barrels a day) for the week of June 22nd rose to 6.273; it is 11.4% above the average production at the same week in 2011;
Crude oil imports also rose last week at 9.159 (for 4 week average) compared with the week of 15/6/2012; they were 3.9% above the average during the same week last year.
The crude oil refinery inputs (4 week average) increased to 15.585 (million b/d), a 0.77% increase compared with the week of 15/6/2012, and were 3.0% above the same week last year.
Below is a detailed recap of the information listed above (for the week of June 22nd):
Propane stocks rose by 1,820 thousand barrels and reached 61,376 thousand barrels.
Crude Oil, Gasoline and Diesel Prices for the Week Ending on June 22nd
The average U.S. gasoline retail price fell again by 10 cents to $3.44 /g, – $0.14/g lower than the price during the same week in 2011.
The national average Diesel price also decreased by 5 cents to $3.68/g; this price is $0.21/g below last year’s average price at same time.
For further reading: