In this week’s Energy Information Administration petroleum report there is an analysis on the recent developments from Libya and the comeback this country made vis-à-vis its oil production capability.
Here is a weekly review for the week ends on December 2nd 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 9.5 million barrels, or by 0.55%. For the week ending on December 2nd petroleum and crude oil stockpiles reached 1,749.93 million barrels. The current oil stockpiles are still below the quota from last year: the current crude oil stockpiles are 77,406 million barrels below oil stockpiles levels recorded during the same week in 2010.
U.S. Ending Stocks of crude oil also inclined by 1.3 million barrels and reached 1,032.03 million barrels; U.S. Ending Stocks excluding SPR of Crude Oil reached 336.083 million bbl – a weekly increase of 1.33 million bbl.
U.S. Ending Stocks of Total Gasoline sharply rose by 2.45% compared with last week’s stocks; it reached 214.994 million barrels.
The chart below shows the development of petroleum and oil stockpiles and WTI crude oil price during 2010 and 2011. In recent weeks, petroleum and oil stockpiles and WTI crude oil spot price rose. During 2011, the lagged linear correlation between WTI oil price and current oil stockpiles was -0.133.
Petroleum production and imports (for the week of December2nd)
U.S. oil refinery inputs oil imports and oil production increased last week.
The four week average of U.S. production (million of barrels a day) for the week of December 2nd rose by 0.1% to 5.877; it is 5.3% above the average production at the same week in 2010;
Crude oil imports inclined last week by 2.4% to 8.845 (for 4 week average) compared to the week of 25/11/2011; they were 2.9% above the average during the same time last year.
The crude oil refinery inputs (4 week average) reached 14.822 (million b/d), an increase of 1.6% compared with the previous week of 25/11/2011, and were 3.0% above the same time last year.
Below is a detailed recap of the information listed above (for the week of December2nd):
Crude oil price, Gasoline and Diesel Prices for the Week Ending on December 2nd
The average U.S. gasoline retail price declined for the third straight week, last week by two cents per gallon compared with the previous week’s average; it reached $3.29 /g, which is $0.33 /g higher than the same week in 2010.
The national average Diesel price also declined for the second straight week last week by three cents to $3.93/g, which is $0.73/g higher than last year’s average price at same time.
Propane Prices and Stocks
Propane stocks slightly declined by 93 thousand barrels and reached 59.678 million barrels. The average residential propane price slightly rose by 1 cent to $2.85 per gallon; the current price is $0.25 above the rate during the same week in 2010.
For further reading:
- Crude Oil Prices – Weekly Outlook December 5-9
- Crude Oil Prices – Weekly Recap 28 November- 2 December
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