U.S. oil stocks moderately fell last week – June 30

The Energy Information Administration petroleum report showed a moderate drop in US petroleum stock and a sharp fall in crude oil prices during last week. The report also examines the US refinery output in annual terms in 2010; it shows that the US’s crude oil refinery capacity grew by 0.15 million bbl per day reaching the highest output level since 1982.

Here is a weekly review of the U.S. oil and petroleum market including crude oil price and petroleum stocks for the week ending June 24th:

Petroleum Stocks

U.S. Petroleum and oil stocks very moderately declined last week by 323 thousand barrels, or by 0.02%. For the week ending on June 24th crude oil stocks reached 1,791.6 million barrels.

U.S. Ending Stocks of crude oil fell sharply by 4.375 million barrels to 1,086 million barrels; U.S. Ending Stocks of Total Gasoline declined by 0.67% compared with last week’s stocks and reached 213.17 million barrels.

The chart below shows the petroleum and oil stocks levels compared to the WTI crude oil prices during 2011.

Weekly U.S. Ending Stocks of Crude Oil and WTI spot oil price 2011 June 30

The chart shows the ongoing downward trend of WTI spot oil price in recent weeks, while there was little change in petroleum and oil stocks as they have demonstrated a slow upward trend. The linear correlation of these two data series (their weekly percent changes) is -0.195.

Petroleum production and imports (for the week of June 24th)

The four week average US production (million of barrels a day) for the week of June 24th reached 5.63, which is 0.1% below previous week’s, but is 3.7% above the average production at the same time last year;

Crude oil imports declined again (4 week average) by 1.8% compared with the week of 17/6/2011, and were 9.2% below the same time last year.

The crude oil refinery inputs (4 week average) reached 15.127 (million b/d), an increase of 0.7% compared with the previous week of 17/6/2011, but were still 0.1% below the same time last year.

Below is a detailed recap of the information listed above (for the week of June 24th):

Crude Oil Production and Imports  and Crude Oil Refinery Inputs 2011 June 30

Crude oil price, Gasoline and Diesel prices for the week ending on June 24th

The average U.S. gasoline retail price decreased for the seventh straight week, last week by nearly eight cents per gallon compared with the previous week’s average; it reached $3.57 /g, which is $0.82 /g higher than the same period in 2010.

The national average Diesel prices declined by almost six cents compared with the previous week; it reached $3.89/g. which is $0.93/g higher than last year’s average price at same time.

A detailed analysis on crude oil price for the week of June 24 is herein.

Propane

Propane stocks keep on stocking up; last week, the stocks inclined by 1,722 thousand barrels – a 4.6% increase – reaching 39.187 million barrels.

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