According to this week’s Energy Information Administration petroleum report crude oil stockpiles sharply rose during last week by 8.4 million barrels; crude oil prices slightly slipped.
Here is a weekly summary for the week ends on January 27th of the U.S. oil and petroleum market:
Crude oil Stockpiles
U.S. Petroleum and crude oil stockpiles rose for the first time in three weeks, last week by 8.4 million barrels, or by 0.48%. For the week ending on January 27th petroleum and crude oil stockpiles reached 1,751.7 million barrels. The current oil stockpiles are still below the quota from last year: the current crude oil stockpiles are 49.675 million barrels below oil stockpiles levels recorded during the same week in 2011.
U.S. Ending Stocks of crude oil also increased by 4.1 million barrels and reached 1,034.893 million barrels. U.S. Ending Stocks of Total Gasoline rose by 1.33% compared with last week’s stocks; it reached 230.147 million barrels.
The chart below shows the development of petroleum and oil stockpiles and WTI crude oil price during the last few years. During 2011-2012, the lagged linear correlation between WTI oil price and current oil stockpiles was -0.141.
Petroleum production and imports (for the week of January 27th)
Oil imports, oil production and oil refinery inputs declined last week.
The four week average of U.S. production (million of barrels a day) for the week of January 27th fell by 0.6% to 5.753; it is still 6.2% above the average production at the same week in 2011;
Crude oil imports also decreased last week by 0.4% to 8.976 (for 4 week average) compared to the week of 20/1/2012; they were 1.1% below the average during the same week last year.
The crude oil refinery inputs (4 week average) reached 14.511 (million b/d), a 0.92% decrease compared with the week of 20/1/2012, and were 1% above the same time last year.
Below is a detailed recap of the information listed above (for the week of January 27th):
Propane Prices and Stocks
Propane stocks declined by 1,763 thousand barrels and reached 48,989 thousand barrels. The average residential propane price slightly slipped by less than one cent to $2.86 per gallon; the current price is only $0.06 above the rate during the same week in 2011.
Crude oil price, Gasoline and Diesel Prices for the Week Ending on January 27th
The average U.S. gasoline retail price remained unchanged at $3.39 /g, which is $0.28 /g higher than the same week in 2011.
The national average Diesel price also remained at $3.85/g, which is $0.42/g higher than last year’s average price at same time.
For further reading: