In this week’s petroleum and crude oil weekly update by the Energy Information Administration, it was reported the EIA lowered it oil prices forecast. The total U.S oil and petroleum stockpiles slightly increase during last week by 1.1 million bl. On the other hand, crude oil stockpiles declined. There was an increase in production, imports and refinery inputs. The ongoing build up in stockpiles coincides with the recent fall in crude oil prices. Finally, the prices of gasoline and diesel in the U.S also fell during last week.
Here is a weekly overview for the week ending on June 8th 2012 of the U.S oil and petroleum market:
Crude Oil Stockpiles
For the week ending on June 8th, U.S. Petroleum and crude oil stockpiles rose again by 1.1 million barrels and reached 1,784.416 million barrels. The current oil stockpiles are still below the quota from last year: the current crude oil stockpiles are 4.4 million barrels below oil stockpiles levels recorded during the parallel week during 2011.
U.S. Ending Stocks of crude oil edged down by 0.2 million barrels and reached 1,080.389 million barrels.
The U.S. Ending Stocks of Total Gasoline fell by 0.85% compared with last week’s stocks; it reached 201.8 million barrels.
The chart below presents the recent developments 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 -0.184.
During last week refinery inputs oil and production and imports rose.
The four week average of U.S. production (million of barrels a day) for the week of June 8th rose to 6.237; it is 11% above the average production at the same week in 2011;
Crude oil imports also increased last week at 8.928 (for 4 week average) compared with the week of 1/6/2012; they were 0.8% below the average during the same week last year.
The crude oil refinery inputs (4 week average) rose to 15.311 (million b/d), a 0.95% increase compared with the week of 1/6/2012, and were 2.6% above the same time last year.
Below is a detailed recap of the information listed above (for the week of June 8th):
Propane stocks slightly rose by 326 thousand barrels and reached 58,241 thousand barrels.
Crude Oil, Gasoline and Diesel Prices for the Week Ending on June 8th
The average U.S. gasoline retail price fell again by 4 cents to $3.57 /g, – $0.14/g lower than the price during the same week in 2011.
The national average Diesel price decreased by nearly 7 cent to $3.78/g, which is $0.17/g below last year’s average price at same time.
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