In the recent Energy Information Administration petroleum report there is an outlook of the consumption for heating oil in the US in the upcoming winter.
Here is a weekly review for the week ends on October 7th of the U.S. oil and petroleum market:
Crude oil Stockpiles
U.S. Petroleum and crude oil stockpiles slightly declined last week by 1.4 million barrels, or by 0.08%. For the week ending on October 7th petroleum and crude oil stockpiles reached 1,769.1 million barrels.
U.S. Ending Stocks of crude oil on the other hand slightly inclined by 1.3 million barrels and reached 1,033.5 million barrels; U.S. Ending Stocks of Total Gasoline sharply declined by 1.93% compared with last week’s stocks; it reached 209.595 million barrels. U.S. Ending Stocks excluding SPR of Crude Oil reached 337.628 million bbl – a weekly decrease of 1.3 million bbl.
The chart below presents the petroleum and oil stockpiles levels compared to the WTI crude oil price in 2010-2011. In recent weeks, petroleum and oil stockpiles had a downward trend, as did WTI crude oil spot prices. During 2011, the lagged linear correlation between WTI oil price and current oil stockpiles was -0.118.
U.S. production sharply inclined last week; oil imports also inclined; crude oil refinery inputs decreased last week.
The four week average of U.S. production (million of barrels a day) for the week of October 7th reached 5.795, which is higher by 3.5% compared with the previous week’s; it is 4.6% above the average production at the same week in 2010;
Crude oil imports inclined last week by 1.5% to 8.96 (for 4 week average) compared to the week of 30/9/2011; they were 1.3% below the average during the same time last year.
The crude oil refinery inputs (4 week average) reached 15.032 (million b/d), a decrease of 0.8% compared with the previous week of 30/9/2011, but were 4.1% above the same time last year.
Below is a detailed recap of the information listed above (for the week of October 7th):
Crude oil price, Gasoline and Diesel prices for the week ending on October7th
The average U.S. gasoline retail price sharply fell for the fourth straight week, last week by seven cents per gallon compared with the previous week’s average; it reached $3.43 /g, which is $0.70 /g higher than the same week in 2010.
The national average Diesel prices also declined by four cents compared with the previous week; it reached $3.75/g. which is $0.75/g higher than last year’s average price at same time.
Propane stocks slightly rose last week by 420 thousand barrels – a 0.73% increase – reaching 57.893 million barrels.
For further reading:
Previous posts on this subject:
- U.S. Oil Stockpiles Declined by 4.6 Million Bbl – October 5
- U.S. Oil Stockpiles Inclined by 1.1 Million Bbl – September 28