Oil and Petroleum Stockpiles Declined by 3 MB– August 23

According to the latest petroleum and oil weekly report prepared by the Energy Information Administration, there is an update on west coast gasoline markets. During last week there was a decline in the U.S stockpiles: the total U.S oil and petroleum stockpiles fell by 3 million bl; further, crude oil stockpiles also dropped by 5.4 million bl. There was a decline in refinery inputs, production and imports. Finally, the prices of gasoline and diesel in the U.S increased again during last week.

Here is a weekly overview for the week ending on August 17th 2012 of the U.S oil and petroleum market:

Crude Oil Stockpiles

For the week ending on August 17th, U.S. Petroleum and crude oil stockpiles declined by 3 million barrels and reached 1,792.7 million barrels. The current oil stockpiles are still similar to the quota as of last year: the current crude oil stockpiles are 1.8 million barrels below oil stockpiles levels of the parallel week during 2011.

U.S. Ending Stocks of crude oil also fell by 5.4 million barrels and reached 1,056.7 million barrels.

The U.S. Ending Stocks of Total Gasoline also decreased by 0.47% compared with last week’s stocks; it reached 202.7 million barrels.

The chart presents the shifts of petroleum and oil stockpiles and WTI crude oil price between the years 2008 and 2012. During the last couple of years the lagged linear correlation between WTI oil price and current oil stockpiles was -0.175.

Weekly U.S. Ending Stocks Crude Oil and WTI spot oil price 2012 August 23

Petroleum production refinery inputs and imports (for the week of August 17th)

During last week refinery inputs production and imports declined.

The four week average of U.S. production (million of barrels a day) for the week of August 17th decreased to 6.241; it is still 12.4% above the average production at the same week in 2011;

The crude oil refinery inputs (4 week average) also decreased to 15.582 (million b/d), a 0.57% fall compared with the week of 10/8/2012, and were 0.2% above the same week last year.

Crude oil imports declined at 8.489 (for 4 week average) compared with the week of 10/8/2012; they were 6.5% below the average during the same week last year.

Below is a detailed review of the information listed above (for the week of August 17th):

Crude Oil Production and Imports Crude Oil Refinery Inputs 2012 August 23

Propane Stocks

Propane stocks increased by 1,915 thousand barrels and reached 70,942 thousand barrels.

Crude Oil, Gasoline and Diesel Prices for the Week Ending on August 17th

The average U.S gasoline retail price increased again by 2 cents to $3.74 /g – $0.16/g higher than the price during the same week in 2011.

The national average Diesel price also rose by 6 cent to $4.03/g; this price is $0.22/g higher than last year’s average price at same time.

A detailed analysis of oil prices for the week ending on August 17th is herein.

For further reading:

1 comment for “Oil and Petroleum Stockpiles Declined by 3 MB– August 23

  1. Jeff
    August 23, 2012 at 2:35 pm

    I was hoping oil would actually take a drop, but it looks like it wont now that the stockpiles are down. ROFL

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