In this week’s EIA energy report, pertaining crude oil price and petroleum stocks, there is an excellent critic the EIA analysts have pointed out the peril of putting too much weight into these weekly reports and oil data.
They pointed out to several data discrepancies accompanied with examples, and showed why it’s not necessarily right to consider the reported changes in oil at face value.
Therefore, remember that the weekly data doesn’t necessarily show us what happened last week, as it’s also accompanied with noise…
And with a subtle segue, let’s check out this week’s figures…
In this weekly review I will address the main news of the EIA report for the week ending on February 4th on crude oil price, petroleum stocks, production, imports and consumption.
Crude oil price
Crude oil price (WTI) weekly average was higher for the week of February 4th by 4.7% compare to the previous week’s average price. On average, crude oil price (WTI) daily change was 0.22%, however its price decreased by 2.15 % from beginning to end of the week.
Following last week’s report showing a decline in gasoline average retail price, in this week’s report, gasoline prices inclined by nearly 3 cents per gallon compare to the previous week’s average, to reach 3.13 $/g which is 0.48 $/g higher than for the same period in 2010.
Petroleum Stocks, production and consumption
Petroleum stocks in the US have increased for the fifth straight week, as it rose by 0.2%, an increase of nearly 3.2 million barrels of crude oil to reach 1,804 million barrels – the highest level since December 17 2010.
The main reason for this rise is related to the increase in Stocks of Total Gasoline, which inclined by 2.0% a 4.6 million barrels rise – reaching 240 million barrels.
Furthermore, finished motor gasoline stocks rose for third straight week as the stocks increased by 5.1% or 3.5 million barrels, reaching 72 million barrels – the highest level since October 2010.
The average US productions (million of barrels a day) was 5.423 on a four week average, higher than last week by 0.1%, however lower by 0.1% compare to the production for the same time last year;
Crude oil imports has increased for the week of February 4th (4 week average) by 0.04% compare to the week of 28/1/2011, and by 9.4% compare to last year’s same time.
These two figures present a picture that there is an ongoing rise in US dependency in foreign oil, despite the recent state of the union address by President Barack Obama, promising the US nation that US government will work to do the reverse.
The crude oil refinery inputs in the US has increased by 4.8% for the week of February 4th (4 week average) as it reached 14.278 (million b/d) compare to the same week last year; however, it fell by 0.7% compare to the previous week of 28/1/2011.
The winter storm that attacked many parts of the US caused a hike in propane consumption; as a result, propane stocks continue to fall dramatically; according to the latest report, they fell by 3.1 million barrels – a 8.2% decline – reaching 34.8 million barrels – the lowest level since April 2010.
For further reading (in this site):
- Oil prices declined despite Egypt riots – Weekly recap Jan 31-4 Feb
- Crude oil price in 2010 and outlook for 2011
- Oil and gas prices rise, each for different reason – February 2
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