In this week’s Energy Information Administration petroleum report there is a yearly recap on the crude oil market for 2011..
Here is a weekly review for the week ends on December 30th of the U.S. oil and petroleum market:
Crude oil Stockpiles
U.S. Petroleum and crude oil stockpiles increased for the second straight week, last week by 3.4 million barrels, or by 0.20%. For the week ending on December 30th petroleum and crude oil stockpiles reached 1,740.26 million barrels. The current oil stockpiles are below the quota from last year: the current crude oil stockpiles are 49.944 million barrels below oil stockpiles levels recorded during the same week in 2010.
U.S. Ending Stocks of crude oil also increased by 2.2 million barrels and reached 1,025.640 million barrels.
U.S. Ending Stocks of Total Gasoline also rose by 1.14% compared with last week’s stocks; it reached 220.193 million barrels.
The chart below presents the development of petroleum and oil stockpiles and WTI crude oil price during 2010 and 2011. During 2011, the lagged linear correlation between WTI oil price and current oil stockpiles was -0.14.
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 30th declined by 0.1% to 5.855; it is 4.7% above the average production at the same week in 2010;
Crude oil imports declined last week by 1.2% to 8.479 (for 4 week average) compared to the week of 23/12/2011; they were 0.7% above the average during the same time last year.
The crude oil refinery inputs (4 week average) reached 14.651 (million b/d), nearly unchanged compared with the previous week of 23/12/2011, and were 0.83% above the same time last year.
Below is a detailed recap of the information listed above (for the week of December 30th):
Propane Prices and Stocks
Propane stocks declined by 1,000 thousand barrels and reached 55.176 million barrels. The average residential propane price slightly rose again by less than one cent to $2.87 per gallon; the current price is $0.13 above the rate during the same week in 2010.
Crude oil price, Gasoline and Diesel Prices for the Week Ending on December 30th
The average U.S. gasoline retail price changed direction and rose last week by four cents per gallon compared with the previous week’s average; it reached $3.30 /g, which is $0.23 /g higher than the same week in 2010.
On the other hand, the national average Diesel price declined for the sixth straight week, last week by a penny to $3.78/g, which is $0.45/g higher than last year’s average price at same time.
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