The prices of crude oil bounced back and increased in recent days. The Energy Information Administration came out with its petroleum and oil weekly update: During last week, U.S stockpiles changed direction and moderately declined: the total U.S oil and petroleum stockpiles decreased again by 1.9 million bl; moreover, crude oil stockpiles also fell by 0.96 million bl.
Here is a weekly report for the week ending on December 14th 2012 of the U.S oil and petroleum market:
Crude Oil Stockpiles
For the week ending on December 14th, U.S. Petroleum and crude oil stockpiles declined by 1.9 million barrels and reached 1,791.4 million barrels. The current oil stockpiles are still higher than the quota from year: the current crude oil stockpiles are 57.7 million barrels above oil stockpiles for the parallel week in 2011.
U.S. Ending Stocks of crude oil also decreased by 0.96 million barrels and reached 1,066.6 million barrels. The U.S. Ending Stocks of Total Gasoline, on the other hand, increased by 1.02% compared with last week’s stocks; it reached 219.3 million barrels.
Propane stocks also declined by 1,960 thousand barrels and reached 69,223 thousand barrels.
The chart above presents the shifts of petroleum and oil stockpiles and price of oil in the past few years. During recent years the lagged linear correlation between WTI oil price and current oil stockpiles reached -0.188. This mid-weak correlation postulates, assuming all things equal, the rates of oil may rally during next week.
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