Here is a weekly review on crude oil stocks for the last week of the year 2010:
Crude oil Stocks of the passing week:
According to the recent EIA report, crude oil stocks continue to fall as the winter progresses in the U.S. For the week of December 30th the stocks fell by 0.4%, a decrease of over 6 million barrels of crude oil. This ongoing decline is part of the rise in demand for energy throughout the U.S mainly for heating purposes.
The Stocks of Total Gasoline, however, inclined by 1.5% which is 3.2 million barrels, and has reached 218.1 million barrels.
After Finished Motor Gasoline stocks had declined in the previous report, in this week’s report they continue to fall; it decreased by 0.6% which is 0.4 million barrels, reaching 68.3 million barrels – a very low count in historic terms (the lowest levels even recorded by the EIA in the past 17 years was 68 million barrels registered a few weeks back. This is part of the downward trend it has had during November – December
Propane: the cold weather throughout the U.S. and mainly in the Northeast is one of the main reasons for the continuous rise in propane consumption; as a result, propane stocks continue to fall dramatically; according to the latest report, they fell by 2.6 million barrels – a 4.8% decline – reaching 52.5 million barrels – the lowest level since July 2010.
As a result, propane prices continue to rise, according to the EIA report, propane prices in Central Atlantic has risen to 3.37 $ / g – the highest level in the Northeast of the U.S. The average residential price in the U.S. is 2.74$/g, a 0.03$/g increase, which is higher than the 2.53$/g for the same period in 2009.
Commodity Price Update – January 6th
Here is an update on the prices of main energy commodities and precious metals for January 6th (all times GMT):
Crude oil price (WTI spot) is trading as of 13.54 PM GMT at 88.62 USD per barrel, a decrease of 0.31% compare to yesterday.
Crude oil price (Dated Brent spot) is at 92.14 USD / barrel – a 1.45 USD/ barrel decrease as of 18.07 PM.
The Nymex crude oil price, short term futures (February 2011 delivery), on the New York Mercantile Exchange, is traded at 94.19 USD / barrel, a 0.9 USD/b decline or a 0.94% fall, as of 17.52 PM.
Natural Gas futures prices (Nymex Henry Hub Future) are currently traded at 4.56 USD/ MMBTU (one million BTU), an increase of 0.09 USD/ MMBTU, or 1.97%, as of 17.53 PM.
Precious Metal prices
Current Gold prices (short term February delivery future) are moderately rising after the has decreased in the last couple of days; they are currently traded at 1,375 USD /t. oz., a moderate 0.1% increase or 1.4 USD /t. oz. at 17.59 PM.
Silver prices, much like gold prices, are rising and currently traded at 29.315 $/t oz. a 0.4% increase or 0.177 $/t oz. as of 17.59 PM.
For further reading:
- Crude oil price in 2010 and outlook for 2011 (in this site)
- Weekly outlook for Crude oil, Natural gas and Gold 3-7 Jan (in this site)
- Crude oil price bounced back above 90$ – daily recap Jan 5 (in this site)
- Monthly recap on Gold prices & Silver prices for December 2010 (in this site)