U.S. oil stocks rose by over 4.3 million barrels last week – July 14

The weekly report of the Energy Information Administration petroleum analyzes the recent announcement (back in June 23rd) made by the IEA to release 60 million bbl from its strategic stockpiles. The report tries to give an answer as to the impact this news will have on the global crude oil market in the near future.

 Here is a weekly review of the U.S. oil and petroleum market including crude oil price and petroleum stocks for the week ending July 8th:

Petroleum Stocks

U.S. Petroleum and oil stocks inclined again last week by 4.314 million barrels, or by 0.24% – the highest injection since May 27th. For the week ending on July 8th crude oil stocks reached 1,796 million barrels – the highest stockpiles since February 4th, 2011.

U.S. Ending Stocks of crude oil on the other hand fell by 3.124 million barrels to 1,081 million barrels; U.S. Ending Stocks of Total Gasoline also declined by 0.4% compared with last week’s stocks and reached 211.7 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 July 13 

 The chart shows the ongoing recent break in the downward trend of WTI spot oil price in recent months, as it inclined during the past couple of weeks; petroleum and oil stocks keep their slow climb up. The linear correlation of these two data series (their weekly percent changes) during 2011 is -0.164.

 Petroleum production and imports (for the week of July 8th)

The four week average US production (million of barrels a day) for the week of July 8th reached 5.585, which is 0.3% below previous week’s, but is 3.8% above the average production at the same time last year;

Crude oil imports declined again (4 week average) by 1% compared with the week of 1/7/2011, and were 3.7% below the same time last year.

The crude oil refinery inputs (4 week average) reached 15.265 (million b/d), an increase of 0.6% compared with the previous week of 1/7/2011, and were 0.1% above the same time last year.

Below is a detailed recap of the information listed above (for the week of July 8th):

 Crude Oil Production and Imports  and Crude Oil Refinery Inputs 2011 July 13

 Crude oil price, Gasoline and Diesel prices for the week ending on July 8th

The average U.S. gasoline retail price experienced its sharpest gain in over two months; last week it rose by six cents per gallon compared with the previous week’s average; it reached $3.64 /g, which is still $0.92 /g higher than the same period in 2010.

The national average Diesel prices also inclined by five cents compared with the previous week; it reached $3.9/g. which is $1/g higher than last year’s average price at same time.

 A detailed analysis on crude oil price for the week of July 8 is herein.


Propane stocks keep on stocking up; last week, the stocks inclined by 3,053 thousand barrels – a 7.36% increase – reaching 44.561 million barrels.


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