Oil and Petroleum Stockpiles Rose by 2.9MB– July 12

In this week’s petroleum and oil weekly update by the Energy Information Administration, there is an analysis of the recent updated WTI and Brent oil outlook. The total U.S oil and petroleum stockpiles changed direction and rose. The stockpiles increased during last week by 2.9 million bl. Alternatively, crude oil stockpiles fell by 4.6 million bl. There was a slight rise in refinery inputs and production, while there was a decline in imports. The rise in stockpiles coincides with the recent decline in crude oil prices. Finally, the prices of gasoline and diesel in the U.S changed direction and rose during last week. 

Here is a weekly overview for the week ending on July 6th 2012 of the U.S oil and petroleum market:

Crude Oil Stockpiles

For the week ending on July 6th, U.S. Petroleum and crude oil stockpiles increased by 2.9 million barrels and reached 1,796.97 million barrels. The current oil stockpiles are slightly higher than the quota from last year: the current crude oil stockpiles are 0.56 million barrels above oil stockpiles levels recorded during the parallel week during 2011.

U.S. Ending Stocks of crude oil fell by 4.6 million barrels and reached 1,074.15million barrels.

The U.S. Ending Stocks of Total Gasoline rose by 1.34% compared with last week’s stocks; it reached 207.725 million barrels.

The chart below presents 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 -0.173.

Weekly U.S. Ending Stocks Crude Oil and WTI spot oil price 2012 July 13

Petroleum production refinery inputs and imports (for the week of July 6th)

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

The four week average of U.S. production (million of barrels a day) for the week of July 6th edged up to 6.238; it is 11.7% above the average production at the same week in 2011;

The crude oil refinery inputs (4 week average) also increased to 15.665 (million b/d), a 0.25% increase compared with the week of 29/6/2012, and were 2.6% above the same week last year.

Crude oil imports decreased last week at 8.991 (for 4 week average) compared with the week of 29/6/2012; they were 2.5% below the average during the same week last year.

Below is a detailed recap of the information listed above (for the week of July 6th):

Crude Oil Production and Imports Crude Oil Refinery Inputs 2012 July 13

Propane Stocks

Propane stocks rose by 950 thousand barrels and reached 63,183 thousand barrels.

Crude Oil, Gasoline and Diesel Prices for the Week Ending on July 6th

The average U.S. gasoline retail price changed direction and rose by 6 cents to $3.41 /g – $0.23/g lower than the price during the same week in 2011.

The national average Diesel price also increased by 4 cents to $3.68/g; this price is $0.22/g below last year’s average price at same time.

A detailed analysis of oil prices for the week ending on July 6th is herein.

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