U.S. Oil Stockpiles Slightly Fell by 3.8 Million Bbl – November 23

In this week’s Energy Information Administration petroleum report there is an analysis on Ethanol blending in the U.S. and its growing share in gasoline in recent years.

Here is a weekly review for the week ends on November 18th of the U.S. oil and petroleum market:

Crude oil Stockpiles

U.S. Petroleum and crude oil stockpiles continued to fall last week by 3.8 million barrels, or by 0.22%. For the week ending on November 18th petroleum and crude oil stockpiles reached 1,732.75 million barrels. The current oil stockpiles are still below the quota during the same week last year: the current crude oil stockpiles are 99,943 million barrels below oil stockpiles levels recorded during the same week in 2010.

U.S. Ending Stocks of crude oil sharply declined by 6.2 million barrels and reached 1,026.76 million barrels; U.S. Ending Stocks excluding SPR of Crude Oil reached 330.81 million bbl – a weekly decrease of 6.2 million bbl.

U.S. Ending Stocks of Total Gasoline on the other hand sharply rose by 2.18% compared with last week’s stocks; it reached 209.634 million barrels.

The graph 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 continued to decline, while WTI crude oil spot price sharply rose. During 2011, the lagged linear correlation between WTI oil price and current oil stockpiles was -0.171.

Weekly U.S. Ending Stocks Crude Oil and WTI spot oil price 2011 November 23

Petroleum production and imports (for the week of November 18th)

U.S. oil refinery inputs slightly rose, oil imports decreased last week, while oil production remained unchanged.

The four week average of U.S. production (million of barrels a day) for the week of November 18th remained at 5.861; it is 4.8% above the average production at the same week in 2010;

Crude oil imports declined last week by 3.0% to 8.614 (for 4 week average) compared to the week of 11/11/2011; they were 2.7% above the average during the same time last year.

The crude oil refinery inputs (4 week average) reached 14.626 (million b/d), an increase of 0.2% compared with the previous week of 11/11/2011, and were 3.5% above the same time last year.

Below is a detailed recap of the information listed above (for the week of November 18th):

Crude Oil Production and Imports Crude Oil Refinery Inputs 2011 November 23

Crude oil price, Gasoline and Diesel Prices for the Week Ending on November 18th

The average U.S. gasoline retail price fell last week by seven cents per gallon compared with the previous week’s average; it reached $3.37 /g, which is $0.49 /g higher than the same week in 2010.

The national average Diesel prices sharply rose by two cents to $4.01/g. which is $0.84/g higher than last year’s average price at same time.

 A detailed analysis of crude oil prices for the week ending on November 18th is herein.

Propane Prices and Stocks

Propane stocks slightly declined by 235 thousand barrels and reached 59.385 million barrels. The average residential propane price slightly inclined by 1 cent to $2.84 per gallon; the current price is $0.28 above the rate during the same week in 2010.

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