The Energy Information Administration petroleum report refers to the upcoming hurricanes season and its effect it may have on the supply of natural gas and oil form the Gulf of Mexico.
Here is a weekly review of the U.S. oil and petroleum market including crude oil price and petroleum stocks for the week ending June 10th:
U.S. Petroleum and oil stocks moderately declined for the first time since April 15th; during last week the stocks fell 622 thousand barrels, or by 0.03%. For the week ending on June 10th crude oil stocks reached 1,788 million barrels.
U.S. Ending Stocks of crude oil fell by 3.406 million barrels to 1,092 million barrels; U.S. Ending Stocks of Total Gasoline rose by 0.27% compared with last week’s stocks and reached 215.065 million barrels.
The chart below shows the petroleum and oil stocks levels compared to the WTI crude oil prices during 2011.
The chart shows the moderate drop of WTI spot oil price last week, while petroleum and oil stocks kept on rising during the same time. The linear correlation of these two data series (their weekly percent changes) is -0.18.
Petroleum production and imports (for the week of June 10th)
The four week average US production (million of barrels a day) for the week of June 10th reached 5.617, which is 0.1% above previous week’s, and is 2.8% above the average production at the same time last year;
Crude oil imports rose (4 week average) by 0.2% compared with the week of 3/6/2011, but were 6.0% below the same time last year.
The crude oil refinery inputs (4 week average) reached 14.918 (million b/d), an increase of 0.9% compared with the previous week of 3/6/2011, but were 3.9% below the same time last year.
Below is a detailed recap of the information listed above (for the week of June 10th):
Crude oil price, Gasoline and Diesel prices for the week ending on June 10th
The average U.S. gasoline retail price decreased for the fifth straight week, last week by seven cents per gallon compared with the previous week’s average; it reached $3.71 /g, which is $1.01 /g higher than the same period in 2010.
The national average Diesel prices on the other hand inclined for the first time in a month and a half by a penny compared with the previous week; it reached $3.95/g. which is $1.03/g higher than last year’s average price at same time.
Propane stocks keep on rising; last week, the stocks inclined by 1,112 thousand barrels – a 3.22% increase – reaching 35.699 million barrels.
For further reading (in this site):
Previous posts on this subject:
- U.S. oil stocks inclined by 1.4 million barrels – June 9
- U.S. oil stocks inclined last week by 7.2 million barrels – June 3