In this week’s Energy Information Administration petroleum report crude oil stockpiles sharply increased last week by 9.4 million barrels; crude oil prices continue to rise.
Here is a weekly review for the week ends on January 6th of the U.S. oil and petroleum market:
Crude oil Stockpiles
U.S. Petroleum and crude oil stockpiles sharply increased for the third straight week, last week by 9.4 million barrels, or by 0.54%. For the week ending on January 6th petroleum and crude oil stockpiles reached 1,749.7 million barrels. The current oil stockpiles are still below the quota from last year: the current crude oil stockpiles are 41.447 million barrels below oil stockpiles levels recorded during the same week in 2011.
U.S. Ending Stocks of crude oil also increased by 4.9 million barrels and reached 1,030.598 million barrels.
U.S. Ending Stocks of Total Gasoline also rose by 1.64% compared with last week’s stocks; it reached 223.803 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 -0.13.
U.S. oil refinery inputs and oil imports increased while oil production slightly decreased last week.
The four week average of U.S. production (million of barrels a day) for the week of January 6th decreased by 0.1% to 5.851; it is still 4.7% above the average production at the same week in 2011;
Crude oil imports sharply increased last week by 4.7% to 8.876 (for 4 week average) compared to the week of 30/12/2011; they were 1.7% above the average during the same time last year.
The crude oil refinery inputs (4 week average) reached 14.721 (million b/d), a 0.48% increase compared with the week of 30/12/2011, but were 1.2% below the same time last year.
Below is a detailed recap of the information listed above (for the week of January 6th):
Propane stocks declined by 891 thousand barrels and reached 54,285 thousand barrels. The average residential propane price slightly rose again by less than one cent to $2.87 per gallon; the current price is $0.11 above the rate during the same week in 2011.
Crude oil price, Gasoline and Diesel Prices for the Week Ending on January 6th
The average U.S. gasoline retail price sharply rose last week by eight cents per gallon compared with the previous week’s average; it reached $3.38 /g, which is $0.29 /g higher than the same week in 2011.
The national average Diesel price changed direction and after it had increased for six straight weeks it also rose last week by a nickel to $3.83/g, which is $0.50/g higher than last year’s average price at same time.
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