In the recent petroleum and crude oil weekly report by the Energy Information Administration, petroleum and crude oil stockpiles rose during the previous week. Crude oil prices slightly rose but the Brent premium over WTI declined. On the other hand the gasoline and diesel prices in the U.S decreased again.
Here is a weekly summary for the week ending on April 27th 2012 of the U.S crude oil and petroleum market:
Crude oil Stockpiles
For the week ending on April 27th, U.S. Petroleum and crude oil stockpiles slightly increased by 1.9 million barrels and reached 1,765.5 million barrels. The current oil stockpiles are slightly below the quota from last year: the current crude oil stockpiles are 2.1 million barrels below oil stockpiles levels recorded during the parallel week in 2011.
U.S. Ending Stocks of crude oil also rose again by 2.8 million barrels and reached 1,071.8 million barrels.
Finally, U.S. Ending Stocks of Total Gasoline decreased by 0.95% compared with last week’s stocks; it reached 209.72 million barrels.
The chart below shows the developments in petroleum and oil stockpiles and WTI crude oil price between 2011 and 2012. During said years the lagged linear correlation between WTI oil price and current oil stockpiles was -0.147.
During last week oil imports and refinery inputs declined while production rose.
The four week average of U.S. production (million of barrels a day) for the week of April 27th reached at 6.079; it is 8.1% above the average production at the same week in 2011;
Crude oil imports decreased last week by 2.7% to 8.707 (for 4 week average) compared with the week of 20/4/2012; they were 0.2% above the average during the same week last year.
The crude oil refinery inputs (4 week average) reached 14.498 (million b/d), a 0.08% decrease compared with the week of 20/4/2012, and were 3.1% above the same time last year.
Below is a detailed recap of the information listed above (for the week of April 27th):
Propane stocks increased again by 1,067 thousand barrels and reached 48,507 thousand barrels.
Crude Oil, Gasoline and Diesel Prices for the Week Ending on April 27th
The average U.S. gasoline retail price decreased by 4 cents to $3.83 /g, – $0.13 /g lower than the price during the same week in 2011.
The national average Diesel price also decreased by 1 cent to $4.07/g, which is $0.05/g lower than last year’s average price at same time.
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