Oil Stockpiles Slightly Inclined by 2 M Bbl – December 15

In this week’s Energy Information Administration petroleum report there is an examination of the deepwater developments in the Gulf of Mexico.

Here is a weekly review for the week ends on December 9th of the U.S. oil and petroleum market:

Crude oil Stockpiles

U.S. Petroleum and crude oil stockpiles rose for the third consecutive week, last week by 2.0 million barrels, or by 0.11%. For the week ending on December 9th petroleum and crude oil stockpiles reached 1,751.93 million barrels. The current oil stockpiles are still below the quota from last year: the current crude oil stockpiles are 59,767 million barrels below oil stockpiles levels recorded during the same week in 2010.

U.S. Ending Stocks of crude oil on the other hand declined by 1.9 million barrels and reached 1,030.102 million barrels.

U.S. Ending Stocks of Total Gasoline sharply rose by 1.78% compared with last week’s stocks; it reached 218.818 million barrels.

The chart below shows the changes 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 inclined. During 2011, the lagged linear correlation between WTI oil price and current oil stockpiles was -0.128.

Weekly U.S. Ending Stocks Crude Oil and WTI spot oil price 2011 December 13Petroleum production and imports (for the week of December 9th)

U.S. oil refinery inputs oil imports and oil production slightly decreased last week.

The four week average of U.S. production (million of barrels a day) for the week of December 9th declined by 0.1% to 5.869; it is 5.2% above the average production at the same week in 2010;

Crude oil imports declined last week by 0.7% to 8.785 (for 4 week average) compared to the week of 2/12/2011; they were 2.7% above the average during the same time last year.

The crude oil refinery inputs (4 week average) reached 14.816 (million b/d), a moderate decrease of 0.04% compared with the previous week of 2/12/2011, and were 1.7% above the same time last year.

Below is a detailed recap of the information listed above (for the week of December 9th):

Crude Oil Production and Imports Crude Oil Refinery Inputs 2011 December 13

Crude oil price, Gasoline and Diesel Prices for the Week Ending on December 9th

The average U.S. gasoline retail price very slightly declined for the fourth straight week, last week by two less than a penny per gallon compared with the previous week’s average; it reached $3.29 /g, which is $0.31 /g higher than the same week in 2010.

The national average Diesel price also declined for the third straight week last week by three cents to $3.89/g, which is $0.66/g higher than last year’s average price at same time.

A detailed analysis of crude oil prices for the week ending on December 9th is herein.

Propane Prices and Stocks

Propane stocks slightly declined by 495 thousand barrels and reached 59.183 million barrels. The average residential propane price slightly inclined again by 1 cent to $2.85 per gallon; the current price is $0.23 above the rate during the same week in 2010.

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