Oil Stockpiles Rose by 3.8 M Bbl – February 9

According to this week’s Energy Information Administration petroleum report crude oil stockpiles rose during last week by 3.8 million barrels; crude oil prices slightly fell. The report also refers to the heating oil bills for this season; the EIA report concluded the bills are still high compared with last year’s even though the average consumption of heating oil is at nine year low. The low consumption is probably due to the warmer than normal weather in the Northeast region for the season and the low natural gas prices.   

Here is a weekly summary for the week ends on February 3rd of the U.S. oil and petroleum market:

Crude oil Stockpiles

U.S. Petroleum and crude oil stockpiles rose for the second consecutive week, last week by 3.8 million barrels, or by 0.22%. For the week ending on February 3rd petroleum and crude oil stockpiles reached 1,755.6 million barrels. The current oil stockpiles are still below the quota from last year: the current crude oil stockpiles are 49.035 million barrels below oil stockpiles levels recorded during the same week in 2011.

U.S. Ending Stocks of crude oil also rose by 0.3 million barrels and reached 1,035.197 million barrels.

U.S. Ending Stocks of Total Gasoline rose by 0.71% compared with last week’s stocks; it reached 231.776 million barrels.

The chart below shows the development of petroleum and oil stockpiles and WTI crude oil price during the last few years. It shows that despite the increase in the stockpiles in recent weeks, it is still very low compared with previous year’s stockpiles levels. During 2011-2012, the lagged linear correlation between WTI oil price and current oil stockpiles was -0.15.

Weekly U.S. Ending Stocks Crude Oil and WTI spot oil price 2012 February 7Petroleum production and imports (for the week of February 3rd)

Oil imports, oil production and oil refinery inputs decreased last week.

The four week average of U.S. production (million of barrels a day) for the week of February 3rd declined by 0.3% to 5.733; it is still 5.7% above the average production at the same week in 2011;

Crude oil imports also sharply fell last week by 4.2% to 8.603 (for 4 week average) compared with the week of 27/1/2012; they were 5.2% below the average during the same week last year.

The crude oil refinery inputs (4 week average) reached 14.376 (million b/d), a 0.93% drop compared with the week of 27/1/2012, but were 0.7% above the same time last year.

Below is a detailed recap of the information listed above (for the week of February 3rd):

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

Propane stocks fell by 2,312 thousand barrels and reached 46,677 thousand barrels. The average residential propane price declined by less than one cent to $2.86 per gallon; the current price is only $0.03 higher than the rate during the same week in 2011.

Crude oil price, Gasoline and Diesel Prices for the Week Ending on February 3rd

The average U.S. gasoline retail price rose by four cents to $3.48 /g, which is $0.35 /g higher than the same week in 2011.

The national average Diesel price also rose by one cent to $3.86/g, which is $0.34/g higher than last year’s average price at same time.

A detailed analysis of crude oil prices for the week ending on February 3rd is herein.

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