In this week’s Energy Information Administration petroleum report there is an analysis on the regional trend of crude oil purchase costs. According to the weekly update, crude oil stockpiles fell last week by 4.2 million barrels; crude oil prices slightly declined as well.
Here is a weekly summary for the week ends on January 20th of the U.S. oil and petroleum market:
Crude oil Stockpiles
U.S. Petroleum and crude oil stockpiles decreased for the second consecutive weeks last week by 4.2 million barrels, or by 0.24%. For the week ending on January 20th petroleum and crude oil stockpiles reached 1,743.4 million barrels. The current oil stockpiles are still below the quota from last year: the current crude oil stockpiles are 52.544 million barrels below oil stockpiles levels recorded during the same week in 2011.
U.S. Ending Stocks of crude oil on the other hand increased by 3.5 million barrels and reached 1,030.718 million barrels.
U.S. Ending Stocks of Total Gasoline slipped by 0.17% compared with last week’s stocks; it reached 227.130 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 -0.143.
Petroleum production and imports (for the week of January 20th)
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 January 20th decreased by 0.5% to 5.786; it is still 6.7% above the average production at the same week in 2011;
Crude oil imports decreased last week by 0.4% to 9.012 (for 4 week average) compared to the week of 13/1/2012; they were 0.9% above the average during the same time last year.
The crude oil refinery inputs (4 week average) reached 14.646 (million b/d), a 0.48% decrease compared with the week of 13/1/2012, and were 0.7% above the same time last year.
Below is a detailed recap of the information listed above (for the week of January 20th):
Propane Prices and Stocks
Propane stocks sharply declined by 2,472 thousand barrels and reached 50,752 thousand barrels. The average residential propane price slightly decreased 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 20th
The average U.S. gasoline retail price very slightly fell last week by one cent per gallon compared with the previous week’s average; it reached $3.39 /g, which is $0.28 /g higher than the same week in 2011.
The national average Diesel price also decreased last week by less than one cent to $3.85/g, which is $0.42/g higher than last year’s average price at same time.
A detailed analysis of crude oil prices for the week ending on January 20th is herein.
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