In this week’s EIA oil report there is an interesting analysis about the oil disruption in Middle East mainly in Libya and a review of similar situations from the past, in which there was a disruption in a country’s oil production, such as the Iranian revolution in 1978. The report’s conclusion is that these disruptions in those countries analyzed caused oil production to decline precipitately not only at the first month of the turmoil, but also in some countries, as Iran and Iraq, the oil production volume didn’t return to the pre disruption era.
Here is a review on the EIA petroleum report on the recent changes in crude oil price and petroleum stocks for the week ending March 25th.
Petroleum Stocks, production and consumption
Petroleum stocks in the US rose for the first time since the week of February 4th 2011 by 0.2%, an increase of 3.3 million barrels of crude oil to reach 1,768 million barrels.
This increase in stock is related to the rise of U.S. Ending Stocks excluding SPR of Crude Oil that increased by 0.8% or 2.9 million barrels– reaching 355 million barrels.
The four week average US production (million of barrels a day) for the week of March 25th was 5.581, a 0.1% below the average level last week and higher by 1.1% compared to the average production at the same time last year;
Crude oil imports continue to rise and increased during the week of March 25th (4 week average) by 3.3% compared to the week of 18/3/2011, but were below the same time last year’s by 0.8%.
The crude oil refinery inputs (4 week average) reached 14.202 (million b/d), which were higher by 1% compared to the previous week of 18/3/2011.
See here a recap of the data listed above:
In total, there was a fall in US production, and a rise in oil prices, petroleum stocks, imports and refineries inputs.
According to the latest report, the propane stocks slightly fell by 106 thousand barrels – a 0.4% declines – reaching 26.8 million barrels.
Crude oil price, Gasoline and Diesel prices for the week of March 18th
The U.S. average retail price on gasoline increased by three cent per gallon compared to the previous week’s average, to reach 3.6 $/g which is 0.8 $/g higher than for the same period in 2010.
Diesel prices also rose last week by 2.5 cents compared to the previous week as it reached 3.93$/g. which is 0.99$/g higher than last year’s average price at same time.
For further reading (in this site):
- Crude oil prices outlook – 30 March
- Crude oil prices continue to zigzag – March 30
- Crude oil price in 2010 and outlook for 2011
Previous posts on this subject:
- EIA’s review on oil stocks and the Libyan and Japanese effect – March 24
- Petroleum stocks drop | EIA review oil stocks access – March 17
- Petroleum stocks keep on falling | EIA raise oil forecasts – March 10
- Petroleum stocks fall as Middle East turmoil affecting imports – March 3