According to the recent weekly oil update produced by Energy Information Administration petroleum, crude oil stockpiles declined during last week by 3.9 million barrels, while crude oil prices sharply increased. The report also examined the limits of the U.S. national oil storage and transportation network.
Here is a weekly summary for the week ending on February 10th of the U.S. oil and petroleum market:
Crude oil Stockpiles
U.S. Petroleum and crude oil stockpiles changed direction and declined for the first time in three weeks, last week by 3.9 million barrels, or by 0.23%. For the week ending on February 10th petroleum and crude oil stockpiles reached 1,751.6 million barrels. The current oil stockpiles are still below the quota from last year: the current crude oil stockpiles are 44.619 million barrels below oil stockpiles levels recorded during the same week in 2011.
U.S. Ending Stocks of crude oil also slightly fell by 0.17 million barrels and reached 1,035.026 million barrels.
U.S. Ending Stocks of Total Gasoline rose by 0.17% compared with last week’s stocks; it reached 232.176 million barrels.
The chart below presents the changes of petroleum and oil stockpiles and WTI crude oil price during recent years. During 2011-2012, the lagged linear correlation between WTI oil price and current oil stockpiles was -0.147.
Oil imports, oil production and oil refinery inputs increased last week.
The four week average of U.S. production (million of barrels a day) for the week of February 10th rose by 0.4% to 5.756; it is still 4.2% above the average production at the same week in 2011;
Crude oil imports also increased last week by 1.4% to 8.726 (for 4 week average) compared with the week of 3/2/2012; they were 1.9% below the average during the same week last year.
The crude oil refinery inputs (4 week average) reached 14.41 (million b/d), a 0.24% increase compared with the week of 3/2/2012, but were 1.8% above the same time last year.
Below is a detailed recap of the information listed above (for the week of February 10th):
Propane stocks slightly fell by 238 thousand barrels and reached 46,439 thousand barrels. The average residential propane price increased by less than one cent to $2.86 per gallon; the current price is only $0.04 higher than the rate during the same week in 2011.
Crude oil price, Gasoline and Diesel Prices for the Week Ending on February 10th
The average U.S. gasoline retail price rose by four cents to $3.52 /g, which is $0.38 /g higher than the same week in 2011.
The national average Diesel price also rose by nine cents to $3.94/g, which is $0.41/g higher than last year’s average price at same time.
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