The EIA petroleum report regarding the week ending on March 4th that reviews the recent changes in crude oil price and petroleum stocks, refer to its change in oil prices forecast.
This change is mainly related to the recent turmoil in the Middle East. In the EIA short term energy outlook, the EIA target WTI spot crude oil price for 2011 rose from 93$/b to 102$/b.
Petroleum Stocks, production and consumption
Petroleum stocks in the US keeps falling for the fourth straight week; last week they have declined by 0.4%, a decrease of nearly 6.2 million barrels of crude oil to reach 1,771 million barrels – the lowest level since March 2010.
This fall is related to the decline of Stocks of Total Gasoline by 2.3% or 5.5 million barrels– reaching 229 million barrels.
The average US productions (million of barrels a day) was 5.601 on a four week average, at the same level as last week, and higher by 1.7% compare to the average production at the same time last year;
Crude oil imports have decreased during the week of March 4th (4 week average) by 1.8% compare to the week of 25/2/2011, and also declined by 7.6% compare to last year’s same time.
The crude oil refinery inputs(4 week average) reached 13.785 (million b/d), which lower by 1.3% compare to the same week last year; it also fell by 0.7% compare to the previous week of 25/2/2011.
In total, there was a fall in petroleum stocks, imports and refineries inputs, a rise in oil prices and US production remained unchanged.
Heating oil and propane prices keeps on increasing: residential propane price rose by 0.02$ per gallon to reach 2.88$/g; propane stocks continue to fall; according to the latest report, they fell by 1.3 million barrels – a 4.9% decline – reaching 27 million barrels – the lowest level since March 2010.
Crude oil price, Gasoline and Diesel prices for the week of March 4th
The U.S. average retail price on gasoline increased by 0.14 $ per gallon compare to the previous week’s average, to reach 3.52 $/g which is 0.77 $/g higher than for the same period in 2010.
Diesel prices also continue to rise for the fourteenth straight week, last week by over 15 cents compare to the previous week as it reached 3.87$/g – 0.97$/g higher than last year’s average price at same time. This is the longest streak gasoline prices increased since 1999.
Crude oil price (WTI spot) weekly average rose by 8.4% to reach an average 101.06$/b compare to last week’s average price of 93.21$/b. On average, crude oil price (WTI) daily change was 1.59%, and its price inclined by 7.54% from beginning to end of the week.
For further reading (in this site):
- Oil prices outlook – 9 March
- How not to speculate on the WTI and Brent oil spread
- Crude oil price in 2010 and outlook for 2011
Previous posts on this subject:
- Petroleum stocks fall as Middle East turmoil affecting imports – March 3
- Petroleum stocks continue falling | review of WTI Brent spread – February 25
- Petroleum stocks decline for first time in weeks – February 17
- Petroleum stocks on the rise – February 10
- Petroleum stocks keep on rising – February 3