U.S. oil stocks inclined by 1.4 million barrels – June 9

Today the Energy Information Administration petroleum will issue its updated oil supply analysis and short term outlook. Trading NRG will review the highlights of this report.

Here is a weekly review and analysis of the U.S. oil and petroleum market including crude oil price and petroleum stocks for the week ending June 3rd:

Petroleum Stocks

U.S. Petroleum and oil stocks moderately inclined during last week by 1.47 million barrels, or by 0.08%. For the week ending on June 3rd crude oil stocks reached 1,789 million barrels – the highest level since February 11th, 2011.

U.S. Ending Stocks of crude oil on the other hand fell by 4.845 million barrels to 1,095 million barrels; U.S. Ending Stocks of Total Gasoline rose by 1.04% compared with last week’s stocks and reached 214.492 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 3

The chart shows the recent rally of WTI spot oil price in recent weeks, while petroleum and oil stocks also inclined during the same time. The linear correlation of these two data series (their weekly percent changes) is -0.181.

Petroleum production and imports (for the week of May 27th)

The four week average US production (million of barrels a day) for the week of May 27th reached 5.605, which -0.1% below previous week’s, but was 2.3% above the average production at the same time last year;

Crude oil imports rose (4 week average) by 1.8% compared with the week of 20/5/2011, but were 6.7% below the same time last year.

The crude oil refinery inputs (4 week average) reached 14.537 (million b/d), an increase of 1.4% compared with the previous week of 20/5/2011, but were 3.8% below the same time last year.

Below is a detailed recap of the information listed above (for the week of May 27th):

 

Crude Oil Production and Imports  and Crude Oil Refinery Inputs 2011 May 27

Crude oil price, Gasoline and Diesel prices for the week ending on June 3rd

The average U.S. gasoline retail price decreased for the fourth straight week, last week by a penny per gallon compared with the previous week’s average; it reached $3.78 /g, which is $1.06 /g higher than the same period in 2010.

The national average Diesel prices also declined by a penny compared with the previous week, and it reached $3.94/g. which is $0.99/g higher than last year’s average price at same time.

A detailed analysis on crude oil price for the week of June 3 is herein.

Propane

As expected, propane stocks continued to incline as the propane season is behind us; last week, the stocks inclined by 1,778 thousand barrels – a 5.4% increase – reaching 34.587 million barrels – the highest level since February 11, 2011.

 

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