The Energy Information Administration petroleum published its weekly report about the crude oil market in the US. It also has an analysis about the decline in US’s net import of crude oil: imported oil fell from 60.3% in 2005 to 49.3% in 2010.
Here is a weekly review of the EIA petroleum report regarding crude oil price and petroleum stocks for the week ending May 20th:
Petroleum Stocks, production and imports
U.S. Petroleum and oil stocks moderately inclined during last week by 6.7 million barrels, or by 0.38%. For the week ending on May 20th the oil stocks reached 1,780.7 million barrels – the highest level since February 18th, 2011.
The chart below shows the petroleum and oil stocks levels compared to the WTI crude oil prices during 2010-2011.
The chart presents that rise and fall of WTI spot oil prices during the last couple of months; it also shows that the fall in WTI spot oil price coincide with the rising petroleum and oil stocks in recent weeks. The linear correlation of these two data series (their weekly percent changes) is at -0.20, while their data series (the trend) have a -0.88 linear correlation.
The four week average US production (million of barrels a day) for the week of May 20th reached 5.608, which -0.1% below the average of the previous week, but was 1.4% above the average production at the same time last year;
Crude oil imports dropped last week (4 week average) by 0.1% compared to the week of 13/5/2011, and were 9.5% below the same time last year.
The crude oil refinery inputs (4 week average) reached 14.339 (million b/d), an increase of 1.4% compared to the previous week of 13/5/2011, but was 5.1% below the same time last year.
Below is a detailed recap of the information listed above:
Crude oil price, Gasoline and Diesel prices for the week ending on May 20th
The average U.S. gasoline retail price decreased for the second straight week, last week by 11 cents per gallon compared to the previous week’s average – the largest drop since December 2008; as it reached 3.85 $/g, which is 1.06 $/g higher than for the same period in 2010.
The national average Diesel prices also declined by 6 cents compared to the previous week, and it reached 4.00$/g. which is 0.98$/g higher than last year’s average price at same time.
In total, during last week there were declines in oil prices and imports and rises in refineries inputs, U.S. production and petroleum stocks.
The demand for heating oil keeps on falling: propane stocks continued to rise; last week, the stocks inclined by 1,127 thousand barrels – a 3.7% increase – reaching 31.605 million barrels – the highest level since February 4, 2011.
For further reading (in this site):
- Crude oil prices outlook – May 25
- Oil prices didn’t move much last week – Weekly recap 16-20 May
- Crude oil prices Monthly outlook –May 2011
Previous posts on this subject:
- US Petroleum stocks remained unchanged – May 19
- US Petroleum stocks keep on soaring – May 12
- Petroleum and oil stocks in the US continued to rise – May 5