Oil and Petroleum Stockpiles Fell by 4MB– July 6

In this week’s petroleum and oil weekly report by the Energy Information Administration, there is an analysis of the record high distillate exports. The total U.S oil and petroleum stockpiles changed direction and fell for the first time in none weeks. The stockpiles fell during last week by 4 million bl. Further, crude oil stockpiles also fell by a similar amount. There was a rise in refinery inputs, while there was a decline in production and imports. The fall in stockpiles coincides with the recent rally in crude oil prices. Finally, the prices of gasoline and diesel in the U.S declined during last week.

Here is a weekly overview for the week ending on June 29th 2012 of the U.S oil and petroleum market:

Crude Oil Stockpiles

For the week ending on June 29th, U.S. Petroleum and crude oil stockpiles fell by 4 million barrels and reached 1,794.019 million barrels. The current oil stockpiles are currently slightly higher than the quota from last year: the current crude oil stockpiles are 1.9 million barrels above oil stockpiles levels recorded during the parallel week during 2011.

U.S. Ending Stocks of crude oil also fell by 4.2 million barrels and reached 1,078.847million barrels.

The U.S. Ending Stocks of Total Gasoline edged up by 0.07% compared with last week’s stocks; it reached 204.973 million barrels.

The chart below shows the developments of petroleum and oil stockpiles and WTI crude oil price between the years 2008 and 2012. During the last couple of years the lagged linear correlation between WTI oil price and current oil stockpiles was -0.164.

Weekly U.S. Ending Stocks Crude Oil and WTI spot oil price 2012 July 6Petroleum production refinery inputs and imports (for the week of June 29th)

During last week refinery inputs oil rose while production and imports rose again.

The four week average of U.S. production (million of barrels a day) for the week of June 29th rose to 6.235; it is 11.3% above the average production at the same week in 2011;

Crude oil imports decreased last week at 9.114 (for 4 week average) compared with the week of 22/6/2012; they were 0.2% below the average during the same week last year.

The crude oil refinery inputs (4 week average) also increased to 15.626 (million b/d), a 0.26% increase compared with the week of 22/6/2012, 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 29th):

Crude Oil Production and Imports Crude Oil Refinery Inputs 2012 July 6Propane Stocks

Propane stocks rose by 857 thousand barrels and reached 62,233 thousand barrels.

Crude Oil, Gasoline and Diesel Prices for the Week Ending on June 29th

The average U.S. gasoline retail price declined again by 8 cents to $3.36 /g, – $0.20/g lower than the price during the same week in 2011.

The national average Diesel price also decreased by 3 cents to $3.65/g; this price is $0.20/g below last year’s average price at same time.

A detailed analysis of oil prices for the week ending on June 29th is herein.

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