In this week’s EIA report, there is an analysis of the transportation fuel market and there is an outlook for the fuel prices in this coming summer.
Here is a summary of the EIA petroleum report about crude oil price and petroleum stocks for the week ending April 8th:
Petroleum Stocks, production and consumption
US Petroleum and oil stocks declined by 4.9 million barrels, which is a 0.28% drop compared to the previous week. The stocks reached by April 8th 1,763.9 million barrels. This was the largest withdraw since March 11th, 2011.
Part of this drop is due to the decline in U.S. Ending Stocks of total gasoline by 3.23% or 7 million barrels– reaching 209 million barrels.
The chart below presents the petroleum and oil stocks levels compared to the WTI crude oil prices in 2010-2011.
The chart clearly shows that the current petroleum and oil stocks keep on falling even though during the same time last year they have started to pick up.
The four week average US production (million of barrels a day) for the week of April 8th reached 5.603, a 0.2% above the average level last week and higher by 2% compared to the average production at the same time last year;
Crude oil imports declined, during the week of April 8th (4 week average) by 0.3% compared to the week of 1/4/2011, and were below the same time last year’s by 3.4%; this is the first drop in imports since March 4th,
The crude oil refinery inputs (4 week average) reached 14.267 (million b/d), a decrease of 0.3% compared to the previous week of 1/4/2011.
See here a recap of the data listed above:
Crude oil price, Gasoline and Diesel prices for the week of April 1st
The U.S. average retail price on gasoline continue to rise, last week by 11 cents per gallon compared to the previous week’s average, to reach 3.79 $/g which is 0.93 $/g higher than for the same period in 2010.
Diesel prices also rose precipitately by 10 cents compared to the previous week as it reached 4.08$/g. which is 1.01$/g higher than last year’s average price at same time. This is the first time Diesel prices passed the 4$ mark since September 2008.
In total, last week there was a rise in US production and oil prices, and a decline in petroleum stocks, imports and refineries inputs.
In this recent report, propane stocks rose by 983 thousand barrels – a 3.8% increase – reaching 26.7 million barrels – first increase since March 11th, 2011.
For further reading (in this site):
Previous posts on this subject:
- Petroleum stocks didn’t change last week – April 7
- Oil stocks rise for the first time this month – March 31
- EIA’s review on oil stocks and the Libyan and Japanese effect – March 24