According to this week’s crude oil update produced by Energy Information Administration petroleum, crude oil stockpiles changed direction again and rose during last week by 3.2 million barrels; crude oil prices also increased. The weekly update also report of closure of the HOVENSA refinery and its impact on the gasoline supply.
Here is a weekly summary for the week ending on February 17th of the U.S. oil and petroleum market:
Crude oil Stockpiles
U.S. Petroleum and crude oil stockpiles changed direction again and rose last week by 3.2 million barrels, or by 0.19%. For the week ending on February 17th petroleum and crude oil stockpiles reached 1,754.87 million barrels. The current oil stockpiles are still below the quota from last year: the current crude oil stockpiles are 29.281 million barrels below oil stockpiles levels recorded during the parallel week in 2011.
U.S. Ending Stocks of crude oil also slightly rose by 1.6 million barrels and reached 1,036.6 million barrels.
On the other hand, U.S. Ending Stocks of Total Gasoline fell by 0.28% compared with last week’s stocks; it reached 231.527 million barrels.
The chart below shows the developments of petroleum and oil stockpiles and WTI crude oil price between 2010 and 2012. During those years the lagged linear correlation between WTI oil price and current oil stockpiles was -0.153.
Oil imports, oil production and oil refinery inputs increased again last week.
The four week average of U.S. production (million of barrels a day) for the week of February 17th rose by 0.4% to 5.78; it is also 3.3% above the average production at the same week in 2011;
Crude oil imports also increased last week by 0.7% to 8.785 (for 4 week average) compared with the week of 10/2/2012; they were 2.5% above the average during the same week last year.
The crude oil refinery inputs (4 week average) reached 14.556 (million b/d), a 1.01% increase compared with the week of 10/2/2012, and were 3.9% above the same time last year.
Below is a detailed recap of the information listed above (for the week of February 17th):
Propane stocks fell by 1,555 thousand barrels and reached 44,884 thousand barrels. The average residential propane price remained unchanged at $2.86 per gallon; the current price is only $0.04 higher than the rate during the same week in 2011.
Crude oil price, Gasoline and Diesel Prices for the Week Ending on February 17th
The average U.S. gasoline retail price rose by seven cents to $3.59 /g, which is $0.40 /g higher than the same week in 2011.
The national average Diesel price also rose by two cents to $3.96/g, which is $0.39/g higher than last year’s average price at same time.
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