Yesterday’s Energy Information Administration petroleum report focused on the major countries that export crude oil to the US during 2010. The US still heavily relies on Canada as its prime source for crude oil with nearly 2,532 thousand bbl/d during 2010. Next in line are Mexico, Saudi Arabia and Nigeria.
Here is a review of the EIA petroleum report regarding crude oil price and petroleum stocks for the week ending April 29th:
Petroleum Stocks, production and imports
U.S. Petroleum and oil stocks continued to increase during last week by 7.5 million barrels, a 0.43% increase compared to the previous week. For the week ending on April 29th the oil stocks reached 1,767.6 million barrels. This was the largest injection since August 20th, 2010.
Part of this rise is due to the increase in U.S. Ending Stocks of Crude oil by 0.31% or 3.4 million barrels– reaching 1,093.1 million barrels.
The chart below presents the petroleum and oil stocks levels compared to the WTI crude oil prices during 2011.
The chart shows that in the last few weeks despite the rise petroleum and oil stocks the WTI spot oil prices continued to pick up and increase. The linear correlation of these two data series (their weekly percent changes) is at -0.07, while their data series (the trend) have a -0.89 linear correlation.
The four week average US production (million of barrels a day) for the week of April 29th reached 5.623, which was 0.1% below the average level of the previous week but was 2.5% above the average production at the same time last year;
Crude oil imports declined (4 week average) by 0.2% compared to the week of 22/4/2011, and declined by 8.8% compared to the same time last year.
The crude oil refinery inputs (4 week average) reached 14.064 (million b/d), a decrease of 0.6% compared to the previous week of 22/4/2011.
Below is a detailed recap of the information listed above:
Crude oil price, Gasoline and Diesel prices for the week ending on April 29th
The average U.S. gasoline retail price increased last week by 8 cents per gallon compared to the previous week’s average, to reach 3.96 $/g, which is 1.07 $/g higher than for the same period in 2010.
The national average Diesel prices rose by 3 cents compared to the previous week as it reached 4.12$/g. which is 1.00$/g higher than last year’s average price at same time.
In total, during last week there were declines in US production, imports and refineries inputs and rises in petroleum stocks and oil prices,.
In this recent report, propane stocks rose by 1,286 thousand barrels – a 4.86% increase – reaching 27.75 million barrels.
For further reading (in this site):
Previous posts on this subject:
- Petroleum stocks bounced back with a moderate rise – April 28
- Petroleum stocks keep on falling – EIA review April 21
- Petroleum stocks beat expectations and declined – April 13