Oil and Petroleum Stockpiles Hiked by 11MB– June 21

In this week’s petroleum and crude oil weekly report by the Energy Information Administration, the imports of gasoline into the U.S was analyzed. The report shows that imports were sluggish in recent months possibly due to shifts in supply & demand and trans-Atlantic price difference. The total U.S oil and petroleum stockpiles hiked during last week by 11 million bl. This is the sharpest gain since March 30th 2012. Further, crude oil stockpiles also rose. There was an increase in production, imports and refinery inputs. The ongoing stock up in stockpiles coincides with the recent tumble in crude oil prices. Finally, the prices of gasoline and diesel in the U.S also declined during last week.

Here is a weekly overview for the week ending on June 15th 2012 of the U.S oil and petroleum market:

Crude Oil Stockpiles

For the week ending on June 15th, U.S. Petroleum and crude oil stockpiles hiked by 11.08 million barrels and reached 1,795.497 million barrels. The current oil stockpiles are currently higher than the quota from last year: the current crude oil stockpiles are 3.5 million barrels above oil stockpiles levels recorded during the parallel week during 2011.

U.S. Ending Stocks of crude oil also rose by 2.8 million barrels and reached 1,083.25 million barrels.

The U.S. Ending Stocks of Total Gasoline increased by 0.47% compared with last week’s stocks; it reached 202.74 million barrels.

The chart below shows the recent changes in 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 settled at -0.185.

Weekly U.S. Ending Stocks Crude Oil and WTI spot oil price 2012 June 21

Petroleum production refinery inputs and imports (for the week of June 15th)

During last week refinery inputs oil and production and imports increased.

The four week average of U.S. production (million of barrels a day) for the week of June 15th rose to 6.265; it is 11.2% above the average production at the same week in 2011;

Crude oil imports also rose last week at 9.144 (for 4 week average) compared with the week of 8/6/2012; they were 1.9% above the average during the same week last year.

The crude oil refinery inputs (4 week average) increased to 15.466 (million b/d), a 1.01% increase compared with the week of 8/6/2012, and were 2.9% above the same time last year.

Below is a detailed recap of the information listed above (for the week of June 15th):

Crude Oil Production and Imports Crude Oil Refinery Inputs 2012 June 21

Propane Stocks

Propane stocks rose by 1,315 thousand barrels and reached 59,556 thousand barrels.

Crude Oil, Gasoline and Diesel Prices for the Week Ending on June 15th

The average U.S. gasoline retail price decreased again by 4 cents to $3.53 /g, – $0.12/g lower than the price during the same week in 2011.

The national average Diesel price also fell by nearly 5 cent to $3.73/g, which is $0.22/g below last year’s average price at same time.

A detailed analysis of oil prices for the week ending on June 15th is herein.

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