In this week’s Energy Information Administration petroleum report crude oil stockpiles decreased last week by 2 million barrels; crude oil prices changed direction and fell.
Here is a weekly review for the week ends on January 13th of the U.S. oil and petroleum market:
Crude oil Stockpiles
U.S. Petroleum and crude oil stockpiles decreased for the first time in four weeks, last week by 2.0 million barrels, or by 0.12%. For the week ending on January 13th petroleum and crude oil stockpiles reached 1,747.6 million barrels. The current oil stockpiles are still below the quota from last year: the current crude oil stockpiles are 45.873 million barrels below oil stockpiles levels recorded during the same week in 2011.
U.S. Ending Stocks of crude oil also decreased by 3.4 million barrels and reached 1,027.160 million barrels.
U.S. Ending Stocks of Total Gasoline on the other hand rose by 1.66% compared with last week’s stocks; it reached 227.520 million barrels.
The chart below shows the development of petroleum and oil stockpiles and WTI crude oil price during 2010 -2012. During 2011-2012, the lagged linear correlation between WTI oil price and current oil stockpiles was -0.144.
Oil imports increased while oil production and oil refinery inputs slightly decreased last week.
The four week average of U.S. production (million of barrels a day) for the week of January 13th decreased by 0.6% to 5.817; it is still 6.0% above the average production at the same week in 2011;
Crude oil imports increased last week by 1.9% to 9.047 (for 4 week average) compared to the week of 6/1/2012; they were 2.9% above the average during the same time last year.
The crude oil refinery inputs (4 week average) reached 14.716 (million b/d), a 0.03% decrease compared with the week of 6/1/2012, and were 0.2% below the same time last year.
Below is a detailed recap of the information listed above (for the week of January 13th):
Propane Prices and Stocks
Propane stocks declined by 1,061 thousand barrels and reached 53,224 thousand barrels. The average residential propane price slightly increased by less than one cent to $2.87 per gallon; the current price is $0.08 above the rate during the same week in 2011.
Crude oil price, Gasoline and Diesel Prices for the Week Ending on January 13th
The average U.S. gasoline retail price rose last week by one cent per gallon compared with the previous week’s average; it reached $3.39 /g, which is $0.29 /g higher than the same week in 2011.
The national average Diesel price increased last week by two cents to $3.85/g, which is $0.45/g higher than last year’s average price at same time.
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