Oil and Petroleum Stockpiles Edged Up by 1.4MB– July 18

In this week’s petroleum and oil weekly update by the Energy Information Administration, there is an update on the recent developments in exports of Ethanol. The total U.S oil and petroleum stockpiles increased during last week by 1.4 million bl. Alternatively, crude oil stockpiles fell by 0.8 million bl. There was a decline in refinery inputs imports and production. Finally, the prices of gasoline and diesel in the U.S rose again during last week.


Here is a weekly overview for the week ending on July 13th 2012 of the U.S oil and petroleum market:

Crude Oil Stockpiles

For the week ending on July 13th, U.S. Petroleum and crude oil stockpiles increased by 1.4 million barrels and reached 1,798.4 million barrels. The current oil stockpiles are almost at the same quota as of last year: the current crude oil stockpiles are 1.8 million barrels below oil stockpiles levels recorded during the parallel week during 2011.

U.S. Ending Stocks of crude oil declined by 0.8 million barrels and reached 1,073.34 million barrels.

The U.S. Ending Stocks of Total Gasoline also fell by 0.87% compared with last week’s stocks; it reached 205.91 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 -0.172.

Weekly U.S. Ending Stocks Crude Oil and WTI spot oil price 2012 July 18

Petroleum production refinery inputs and imports (for the week of July 13th)

During last week refinery inputs oil production and imports declined.

The four week average of U.S. production (million of barrels a day) for the week of July 13th declined to 6.211; it is 11.5% above the average production at the same week in 2011;

The crude oil refinery inputs (4 week average) also decreased to 15.647 (million b/d), a 0.11% decrease compared with the week of 6/7/2012, and were 1.9% above the same week last year.

Crude oil imports decreased last week to 8.864 (for 4 week average) compared with the week of 6/7/2012; they were 4.4% below the average during the same week last year.

Below is a detailed recap of the information listed above (for the week of July 13th):

Crude Oil Production and Imports Crude Oil Refinery Inputs 2012 July 18

Propane Stocks

Propane stocks rose by 1,562 thousand barrels and reached 64,745 thousand barrels.

Crude Oil, Gasoline and Diesel Prices for the Week Ending on July 13th

The average U.S. gasoline retail price rose by 2 cents to $3.43 /g – $0.26/g lower than the price during the same week in 2011.

The national average Diesel price also increased by 1 cent to $3.7/g; this price is $0.23/g below last year’s average price at same time.

A detailed analysis of oil prices for the week ending on July 13th is herein.

For further reading: