U.S. oil stocks fell by over 1.9 million bbl – August 4th

In this week’s Energy Information Administration petroleum report there is an analysis of the changes in the crude oil movement in the US: in the past, it used to be from the Gulf of Mexico to the East Coast and Midwest; currently the tables have turned and the crude oil movement is more from the Midwest to the Gulf of Mexico; this shift in crude oil movement is claimed to be one of the factors to the increase in the premium of Brent oil over WTI spot oil price.

 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 29th:

Petroleum Stocks

U.S. Petroleum and oil stocks changed directions and declined during last week by 1.94 million barrels, or by 0.11%; this is the largest extractions since April 15th, 2011. For the week ending on July 29th crude oil stocks reached 1,807 million barrels.

U.S. Ending Stocks of crude oil sharply fell by 3.5 million barrels and reached 1,074.736 million barrels; U.S. Ending Stocks of Total Gasoline on the other hand inclined by 0.80% compared with last week’s stocks and reached 215.2 million barrels.

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

Weekly U.S. Ending Stocks of Crude Oil and WTI spot oil price 2011 August 3

It shows the stability of WTI spot oil price during the past few weeks; petroleum and oil stocks keep on stocking up as part of a seasonality effect. The linear correlation of these two data series (their weekly percent changes) during 2011 is -0.141.

 Petroleum production and imports (for the week of July 29th)

The four week average of US production (million of barrels a day) for the week of July 29th reached 5.517, which is unchanged from the previous week’s, but is 1.5% above the average production at the same time last year;

Crude oil imports declined (4 week average) by 1.9% compared to the week of 22/7/2011, and were 6.8% below the same time last year.

The crude oil refinery inputs (4 week average) reached 15.422 (million b/d), an increase of 0.3% compared with the previous week of 22/7/2011, but were 0.5% below the same time last year.

Below is a detailed recap of the information listed above (for the week of July 29th):

 Crude Oil Production and Imports  and Crude Oil Refinery Inputs 2011 August 3

 Crude oil price, Gasoline and Diesel prices for the week ending on July 29th

The average U.S. gasoline retail price inclined last week for the fifth consecutive week by a penny per gallon compared with the previous week’s average; it reached $3.71 /g, which is $0.98 /g higher than the same period in 2010.

The national average Diesel prices on the other hand declined for the first time in July by a penny compared with the previous week; it reached $3.94/g. which is $1.01/g higher than last year’s average price at same time.

 A detailed analysis on crude oil price for the week of July 29 is herein.


Propane stocks keep on stocking up; last week, the stocks inclined by 1,107 thousand barrels – a 2.29% increase – reaching 49.354 million barrels.


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