According to this week’s crude oil update produced by Energy Information Administration petroleum, crude oil stockpiles slightly rose again for the second consecutive week, this time by only 0.5 million barrels; crude oil prices sharply increased. The weekly update also includes a review of recent developments in the oil market during the past couple of months.
Here is a weekly summary for the week ending on February 24th of the U.S. oil and petroleum market:
Crude oil Stockpiles
U.S. Petroleum and crude oil stockpiles slightly rose last week by 538 thousand barrels, or by 0.03%. For the week ending on February 24th petroleum and crude oil stockpiles reached 1,755.412 million barrels. The current oil stockpiles are still below the quota from last year: the current crude oil stockpiles are 22.214 million barrels below oil stockpiles levels recorded during the parallel week in 2011.
U.S. Ending Stocks of crude oil sharply rose by 4.1 million barrels and reached 1,040.8 million barrels.
On the other hand, U.S. Ending Stocks of Total Gasoline declined by 0.69% compared with last week’s stocks; it reached 229.927 million barrels.
The chart below presets the shifts in 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 -0.136.
Petroleum production and imports (for the week of February 24th)
Oil imports, oil production and oil refinery inputs rose again during last week.
The four week average of U.S. production (million of barrels a day) for the week of February 24th increased by 0.4% to 5.803; it is also 3.6% above the average production at the same week in 2011;
Crude oil imports also rose last week by 0.9% to 8.862 (for 4 week average) compared with the week of 17/2/2012; they were 6.5% above the average during the same week last year.
The crude oil refinery inputs (4 week average) reached 14.653 (million b/d), a 0.67% increase compared with the week of 17/2/2012, and were 5.5% above the same time last year.
Below is a detailed recap of the information listed above (for the week of February 24th):
Propane stocks declined by 984 thousand barrels and reached 43,900 thousand barrels. The average residential propane price rose by 1 cent to $2.87 per gallon; the current price is only $0.01 higher than the rate during the same week in 2011.
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