The EIA recent energy report, pertaining crude oil price and petroleum stocks, referred to Groundhog Day.
The EIA analysts suggest that Americans shouldn’t wait for Groundhog Day in planning their purchasing of heating oil.
Since, according to EIA calculations, the winter time is during October and March, waiting for February for Groundhog Day to see if there will be an early spring is a moot point.
They have also pointed that the average consumption of heating oil this winter was higher than last year’s and probably the highest expenditures ever recorded. As an example they show that during this winter the average American in the Northeast is expected to spend an average of 2,431$ with 729 gallons of heating oil consumed (the highest level of consumption in the last decade was 743 gallon back in 2002-2003 winter).
In this weekly review I will address the main news of the EIA report for the week ending on February 11th on crude oil price, petroleum stocks, production, imports and consumption.
Crude oil price for the week of February 11th
Crude oil price (WTI spot) weekly average of 86.23$/b fell by 3.7% compare to last week’s average price of 90.19$/b. On average, crude oil price (WTI) daily change was -0.52%, and its price declined by 0.83% from beginning to end of the week.
The U.S. average retail price on gasoline increased by 0.8 $ per gallon compare to the previous week’s average, to reach 3.14 $/g which is 0.53 $/g higher than for the same period in 2010.
Diesel prices also advanced that week by over 2 cents compare to the previous week as it reached 3.53$/g – 0.78$/g higher than last year’s average price at same time.
Petroleum Stocks, production and consumption
Petroleum stocks in the US, after rising for five weeks straight, have declined last week by 0.5%, a decrease of nearly 8.4 million barrels of crude oil to reach 1,796 million barrels.
Despite the fall in total crude oil stocks, the Stocks of Total Gasoline moderately inclined by 0.1% a 0.2 million barrels rise – reaching 241 million barrels.
Furthermore, finished motor gasoline stocks rose for fourth straight week as the stocks increased by 2.4% or 1.7 million barrels, reaching 73.7 million barrels – the highest level since September 2010.
Then where does the decline in petroleum stocks came from? Heating oil propane, and distillate oils; more on this subject later on.
The average US productions (million of barrels a day) was 5.524 on a four week average, higher than last week by 1.9%, and also higher by 1.5% compare to the average production at the same time last year;
Crude oil imports has decreased for the week of February 11th (4 week average) by 2.02% compare to the week of 4/2/2011, but declined by 7.2% compare to last year’s same time.
The crude oil refinery inputs in the US has increased by 4% for the week of February 11th (4 week average) as it reached 14.158 (million b/d) compare to the same week last year; however, it fell by 0.8% compare to the previous week of 4/2/2011.
The heating oil and propane prices continue to rise as the cold weather is still driving consumption of propane and heating oil up; as a result, propane stocks continue to fall dramatically; according to the latest report, they fell by 3.8 million barrels – an 11% decline – reaching 30.9 million barrels – the lowest level since April 2010.
For further reading (in this site):
- Oil prices bounce back with a steady rise –February 16
- Oil prices continue descending – Weekly recap 7-11 February
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