In this week’s Energy Information Administration petroleum report there is an analysis of the seasonality of crude oil demand in the Middle East, in particular Saudi Arabia, and how did Saudi Arabia coup in the past with rising domestic demand during summer on the one hand, and having as little impediments in crude oil export on the other.
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 14th:
Petroleum Stocks
U.S. Petroleum and oil stocks inclined during last week by 3.8 million barrels, or by 0.21%. For the week ending on July 14th crude oil stocks reached 1,800 million barrels – the highest stockpiles since February 4th, 2011.
U.S. Ending Stocks of crude oil on the other hand fell by 3.72 million barrels to 1,078 million barrels; U.S. Ending Stocks of Total Gasoline on the other hand inclined by 0.36% compared with last week’s stocks and reached 212.4 million barrels.
The chart below shows the petroleum and oil stocks levels compared to the WTI crude oil prices during 2011.
It shows the upward trend since the end of April of petroleum and oil stocks on the one hand, and the downward trend of WTI spot oil price on the other. The linear correlation of these two data series (their weekly percent changes) during 2011 is -0.167.
Petroleum production and imports (for the week of July 14th)
The four week average US production (million of barrels a day) for the week of July 14th reached 5.571, which is 0.3% below previous week’s, but is 3.7% above the average production at the same time last year;
Crude oil imports inclined again (4 week average) by 0.5% compared to the week of 8/7/2011, but were 2.8% below the same time last year.
The crude oil refinery inputs (4 week average) reached 15.35 (million b/d), an increase of 0.6% compared with the previous week of 8/7/2011, and were 0.2% above the same time last year.
Below is a detailed recap of the information listed above (for the week of July 14th):
Crude oil price, Gasoline and Diesel prices for the week ending on July 14th
The average U.S. gasoline retail price continues to rise as it inclined last week by four cents per gallon compared with the previous week’s average; it reached $3.68 /g, which is $0.96 /g higher than the same period in 2010.
The national average Diesel prices also inclined by two cents compared with the previous week; it reached $3.92/g. which is $1.02/g higher than last year’s average price at same time.
A detailed analysis on crude oil price for the week of July 14 is herein.
Propane
Propane stocks keep on stocking up; last week, the stocks inclined by 2,040 thousand barrels – a 4.58% increase – reaching 46.601 million barrels.
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For further reading (in this site):
Previous posts on this subject:
- U.S. oil stocks rose by over 4.3 million barrels last week – July 14
- U.S. oil stocks moderately inclined last week – July 8