Crude oil price & petroleum stocks – EIA report April 7

This week’s EIA oil report provides an analysis about the high prices of Jet fuel. Currently the premium of Jet fuel prices over Brent oil has reached its highest level since mid 2008.

Here is a summary of the main figures presented in the recent EIA petroleum report about crude oil price and petroleum stocks for the week ending April 1^st:

Petroleum Stocks, production and consumption

US Petroleum and oil stocks didn’t change much this week and remained at 1,768 million barrels.

There was a moderate rise in U.S. Ending Stocks of Crude Oil of 0.2% or 1.9 million barrels– reaching 1,084 million barrels.

The chart below shows the petroleum and oil stocks levels compared to the WTI crude oil prices in 2010-2011.

Notice two things in this chart:

The current petroleum and oil stocks are near the levels they were last year;
Current WTI oil prices are much higher today than they were at the same time last year.

This is another confirmation that current WTI oil prices are not necessarily driven by shortage of oil rather than speculation around the future ramifications of the recent turmoil in the Middle East on the oil market.

The four week average US production (million of barrels a day) for the week of April 1^st reached 5.592, a 0.2% above the average level last week and higher by 1.5% compared to the average production at the same time last year;

Crude oil imports continue to rise and increased during the week of April 1^st (4 week average) by 1.9% compared to the week of 25/3/2011, but were below the same time last year’s by 1.9%.

The crude oil refinery inputs (4 week average) reached 14.309 (million b/d), an increase of 0.8% compared to the previous week of 25/3/2011.

See here a recap of the data listed above:

Crude oil price, Gasoline and Diesel prices for the week of April 1^st

The U.S. average retail price on gasoline increased by nine cents per gallon compared to the previous week’s average, to reach 3.68 $/g which is 0.86 $/g higher than for the same period in 2010.

Diesel prices also rose last week by 4 cents compared to the previous week as it reached 3.98$/g. which is 0.96$/g higher than last year’s average price at same time.

A detailed analysis on crude oil price for the week of April 1 is herein.

In total, last week there was a rise in US production, oil prices, imports and refineries inputs, and petroleum stocks remained unchanged.

Propane

According to the latest report, the propane stocks fell by 1,132 thousand barrels – a 4.2% decrease – reaching 25.7 million barrels – the lowest level since the end of May 2010.

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