U.S. oil stocks moderately inclined last week – July 8

The Energy Information Administration petroleum report showed a moderate rise in US petroleum stock along with a moderate increase in crude oil prices during last week. The report also examines the US Cushing inventories and the changes in their capacity that could also affect the changes in the US crude oil stocks.

 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 1st:

Petroleum Stocks

U.S. Petroleum and oil stocks very moderately inclined last week by 477 thousand barrels, or by 0.03%. For the week ending on July 1st crude oil stocks reached 1,792 million barrels.

U.S. Ending Stocks of crude oil fell by 0.889 million barrels to 1,085 million barrels; U.S. Ending Stocks of Total Gasoline also declined by 0.30% compared with last week’s stocks and reached 212.53 million barrels.

The chart below shows the petroleum and oil stocks levels compared to the WTI crude oil prices during 2010-2011.

 Weekly U.S. Ending Stocks of Crude Oil and WTI spot oil price 2011 July 8

 The chart shows the ongoing downward trend of WTI spot oil price in recent months, after it inclined very sharply during February-April; petroleum and oil stocks started to incline during February- April but in recent months they leveled out with moderate rises. The linear correlation of these two data series (their weekly percent changes) during 2011 is -0.194.

 Petroleum production and imports (for the week of July 1st)

The four week average US production (million of barrels a day) for the week of July 1st reached 5.602, which is 0.5% below previous week’s, but is 3.4% above the average production at the same time last year;

Crude oil imports declined again (4 week average) by 3.6% compared with the week of 24/6/2011, and were 5.6% below the same time last year.

The crude oil refinery inputs (4 week average) reached 15.177 (million b/d), an increase of 0.3% compared with the previous week of 24/6/2011, 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 1st):

 Crude Oil Production and Imports  and Crude Oil Refinery Inputs 2011 July 8

 Crude oil price, Gasoline and Diesel prices for the week ending on July 1st

The average U.S. gasoline retail price shifted direction and rose for the first time in eight weeks; last week it rose by half a penny per gallon compared with the previous week’s average; it reached $3.58 /g, which is still $0.85 /g higher than the same period in 2010.

The national average Diesel prices on the other hand declined by almost four cents compared with the previous week; it reached $3.85/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 July 1 is herein.

 Propane

Propane stocks keep on stocking up; last week, the stocks inclined by 2,321 thousand barrels – a 5.92% increase – reaching 41.508 million barrels.

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