Oil Stocks Changed Direction and Rose by 7.6 M Bbl – November 30

In this week’s Energy Information Administration petroleum report there is an update of the Seaway pipeline reversal and its role in affecting the price differences between Brent oil and WTI oil. This reversal could further help bring down the gap between Brent and WTI which had peaked during 2011.

Here is a weekly review for the week ends on November 25th of the U.S. oil and petroleum market:

Crude oil Stockpiles

U.S. Petroleum and crude oil stockpiles changed direction and rose last week by 7.6 million barrels, or by 0.44%. For the week ending on November 25th petroleum and crude oil stockpiles reached 1,740.41 million barrels. The current oil stockpiles are still below the quota from last year: the current crude oil stockpiles are 92,238 million barrels below oil stockpiles levels recorded during the same week in 2010.

U.S. Ending Stocks of crude oil also inclined by 3.9 million barrels and reached 1,030.70 million barrels; U.S. Ending Stocks excluding SPR of Crude Oil reached 334.74 million bbl – a weekly increase of 3.9 million bbl.

U.S. Ending Stocks of Total Gasoline slightly rose by 0.10% compared with last week’s stocks; it reached 209.847 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 changed direction and rose, while WTI crude oil spot price declined. During 2011, the lagged linear correlation between WTI oil price and current oil stockpiles was -0.162.

Weekly U.S. Ending Stocks Crude Oil and WTI spot oil price 2011 November 30

Petroleum production and imports (for the week of November 25th)

U.S. oil refinery inputs slightly fell, while 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 November 25th rose by 0.2% to 5.873; it is 5.2% above the average production at the same week in 2010;

Crude oil imports inclined last week by 0.3% to 8.641 (for 4 week average) compared to the week of 18/11/2011; they were 3.4% above the average during the same time last year.

The crude oil refinery inputs (4 week average) reached 14.594 (million b/d), a decrease of 0.2% compared with the previous week of 18/11/2011, and were 2.9% above the same time last year.

Below is a detailed recap of the information listed above (for the week of November 25th):

Crude Oil Production and Imports Crude Oil Refinery Inputs 2011 November 30

Crude oil price, Gasoline and Diesel Prices for the Week Ending on November 25th

The average U.S. gasoline retail price declined last week by six cents per gallon compared with the previous week’s average; it reached $3.31 /g, which is $0.45 /g higher than the same week in 2010.

The national average Diesel prices also sharply fell by five cents to $3.96/g. which is still $0.80/g higher than last year’s average price at same time.

A detailed analysis of crude oil prices for the week ending on November 25th is herein.

Propane Prices and Stocks

Propane stocks slightly inclined by 386 thousand barrels and reached 59.771 million barrels. The average residential propane price slightly rose by 1 cent to $2.85 per gallon; the current price is $0.27 above the rate during the same week in 2010.

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