According to this week’s petroleum and oil weekly update prepared by the Energy Information Administration, there is an analysis and update on the status of East Coast Refineries. During last week there was a sharp rise in the U.S stockpiles: the total U.S oil and petroleum stockpiles rose during last week by 10.1 million bl. Further, crude oil stockpiles also rose by 2.7 million bl. There was a increase in refinery inputs imports and production. Finally, the prices of gasoline and diesel in the U.S increased again during last week.
Here is a weekly overview for the week ending on July 20th 2012 of the U.S oil and petroleum market:
Crude Oil Stockpiles
For the week ending on July 20th, U.S. Petroleum and crude oil stockpiles hiked by 10.1 million barrels and reached 1,808.5 million barrels. The current oil stockpiles are very similar to the quota as of last year: the current crude oil stockpiles are 0.833 million barrels below oil stockpiles levels recorded during the parallel week during 2011.
U.S. Ending Stocks of crude oil also rose by 2.7 million barrels and reached 1,076.06 million barrels.
The U.S. Ending Stocks of Total Gasoline also increased by 2.01% compared with last week’s stocks; it reached 210.04 million barrels.
The chart below presents the changes 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 -0.169.
Petroleum production refinery inputs and imports (for the week of July 20th)
During last week refinery inputs oil production and imports rose.
The four week average of U.S. production (million of barrels a day) for the week of July 20th increased to 6.238; it is also 13.1% above the average production at the same week in 2011;
The crude oil refinery inputs (4 week average) also increased to 15.685 (million b/d), a 0.24% gain compared with the week of 13/7/2012, and were 2% above the same week last year.
Crude oil imports increased last week to 8.993 (for 4 week average) compared with the week of 13/7/2012; they were 5.4% below the average during the same week last year.
Below is a detailed recap of the information listed above (for the week of July 20th):
Propane stocks rose by 1,273 thousand barrels and reached 66,018 thousand barrels.
Crude Oil, Gasoline and Diesel Prices for the Week Ending on July 20th
The average U.S. gasoline retail price rose by 7 cents to $3.49 /g – $0.21/g lower than the price during the same week in 2011.
The national average Diesel price also increased by 1 cent to $3.78/g; this price is $0.17/g below last year’s average price at same time.
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