In this week’s Energy Information Administration petroleum report, there is a review of the fuel taxes on a federal and state level in the U.S. It is shown that there has been a rise in the federal tax on gasoline and diesel fuel throughout the year to reach their current level of 24.4 cents and 18.4 cents, respectively.
Here is a summary of the EIA petroleum report about crude oil price and petroleum stocks for the week ending April 15th:
Petroleum Stocks, production and imports
US Petroleum and oil stocks declined by 6.7 million barrels, which is a 0.38% drop compared to the previous week. For the week ending on April 15th the stocks reached 1,757.2 million barrels. This was the largest withdraw since February 18th, 2011.
Part of this decline is due to the decrease in U.S. Ending Stocks of Crude oil by 0.21% or 2.3 million barrels– reaching 1,083.5 million barrels.
The chart below presents the petroleum and oil stocks levels compared to the WTI crude oil prices during 2011.
The chart shows that there is some correlation between the petroleum and oil stocks and WTI oil prices: as the prices increase in recent weeks the petroleum stocks drop. The linear correlation of these two data series (their weekly percent changes) is -0.124.
The four week average US production (million of barrels a day) for the week of April 15th reached 5.617, a 0.2% above the average level last week and higher by 2.6% compared to the average production at the same time last year;
Crude oil imports declined (4 week average) by 2.6% compared to the week of 8/4/2011, and were below the same time last year’s by 6.5%.
The crude oil refinery inputs (4 week average) reached 14.206 (million b/d), a decrease of 0.4% compared to the previous week of 8/4/2011.
Below is a recap of the data listed above:
Crude oil price, Gasoline and Diesel prices for the week ending on April 15th
The average U.S. gasoline retail price kept on rising: last week it rose by more than 5 cents per gallon compared to the previous week’s average, to reach 3.84 $/g which is 0.98 $/g higher than for the same period in 2010.
The national average Diesel prices also rose by 3 cents compared to the previous week as it reached 4.11$/g. which is 1.03$/g higher than last year’s average price at same time.
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 fell by 360 thousand barrels – a 1.35% decrease – reaching 26.3 million barrels.
For further reading (in this site):
Previous posts on this subject:
- Petroleum stocks beat expectations and declined – April 13
- Petroleum stocks didn’t change last week – April 7
- Oil stocks rise for the first time this month – March 31