Oil Stockpiles Slightly Decreased by 1.4 M Bbl – March 8

According to the recent crude oil weekly update produced by Energy Information Administration petroleum, crude oil stockpiles slightly declined last week by 1.4 million barrels; crude oil prices on the other hand edged up. The weekly update includes an analysis of the similarities between the sharp gain in crude oil prices in February 2011 and in February 2012.  

Here is a weekly summary for the week ending on March 2nd 2012 of the U.S. crude oil and petroleum market:

Crude oil Stockpiles

U.S. Petroleum and crude oil stockpiles slightly decreased last week by 1.4 million barrels, or by 0.08%. For the week ending on March 2nd petroleum and crude oil stockpiles reached 1,753.995 million barrels. The current oil stockpiles are still below the quota from last year: the current crude oil stockpiles are 17.357 million barrels below oil stockpiles levels recorded during the parallel week in 2011.

U.S. Ending Stocks of crude oil slightly rose by 0.8 million barrels and reached 1,041.6 million barrels.

On the other hand, U.S. Ending Stocks of Total Gasoline declined by 0.17% compared with last week’s stocks; it reached 229.531 million barrels.

The chart below presets the developments in petroleum and oil stockpiles and WTI crude oil price between 2010 and 2012. During those years the lagged linear correlation between WTI oil price and current oil stockpiles was -0.136.

Weekly U.S. Ending Stocks Crude Oil and WTI spot oil price 2012 MARCH 7Petroleum production and imports (for the week of March 2nd)

Oil imports, oil production and oil refinery inputs increased again during last week.

The four week average of U.S. production (million of barrels a day) for the week of March 2nd increased by 0.2% to 5.814; it is also 3.8% above the average production at the same week in 2011;

Crude oil imports also increased last week by 0.8% to 8.862 (for 4 week average) compared with the week of 24/2/2012; they were 9.4% above the average during the same week last year.

The crude oil refinery inputs (4 week average) reached 14.653 (million b/d), a 0.33% increase compared with the week of 24/2/2012, and were 6.6% above the same time last year.

Below is a detailed recap of the information listed above (for the week of March 2nd):

Crude Oil Production and Imports Crude Oil Refinery Inputs 2012 MARCH 7Propane Prices and Stocks

Propane stocks declined by 402 thousand barrels and reached 43,498 thousand barrels. The average residential propane price remained unchanged at $2.87 per gallon; the current price is only $0.01 lower than the rate during the same week in 2011.

Crude oil price, Gasoline and Diesel Prices for the Week Ending on March 2nd

The average U.S. gasoline retail price rose again by 7 cents to $3.79 /g, which is $0.27 /g higher than the same week in 2011.

The national average Diesel price also increased by four cents to $4.09/g, which is $0.22/g higher than last year’s average price at same time.

A detailed analysis of crude oil prices for the week ending on March 2nd is herein.

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