Spot oil price & petroleum stocks increased – EIA report June 3

In the recent Energy Information Administration petroleum weekly report regarding the U.S. crude oil market there is an analysis about the rising consumption of distillate fuel oil not only in the U.S. but also globally.

Here is a weekly review of the EIA petroleum report regarding crude oil price and petroleum stocks for the week ending May 27^th:

Petroleum Stocks, production and imports

U.S. Petroleum and oil stocks rose during last week by 7.2 million barrels, or by 0.41%. For the week ending on May 27^th the oil stocks reached 1,788 million barrels – the highest level since February 11^th, 2011.

U.S. Ending Stocks of Crude Oil also inclined by 2.878 million barrels to 1,100 million barrels; U.S. Ending Stocks of Total Gasoline also rose by 1.22% compared to last week to reach 212.283 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 decline of WTI spot oil price during the last few weeks, while petroleum and oil stocks inclined during the same time. The linear correlation of these two data series (their weekly percent changes) is at -0.18.

The four week average US production (million of barrels a day) for the week of May 20^th reached 5.608, which -0.1% below the average of the previous week, but was 1.4% above the average production at the same time last year;

Crude oil imports dropped last week (4 week average) by 0.1% compared to the week of 13/5/2011, and were 9.5% below the same time last year.

The crude oil refinery inputs (4 week average) reached 14.339 (million b/d), an increase of 1.4% compared to the previous week of 13/5/2011, but was 5.1% below the same time last year.

Below is a detailed recap of the information listed above (for the week of May 20^th):

Crude oil price, Gasoline and Diesel prices for the week ending on May 20th

The average U.S. gasoline retail price decreased for the third straight week, last week by 5.5 cents per gallon compared to the previous week’s average; it reached 3.79 $/g, which is 1.07 $/g higher than for the same period in 2010.

The national average Diesel prices also declined by 5 cents compared to the previous week, and it reached 3.95$/g. which is 0.97$/g higher than last year’s average price at same time.

A detailed analysis on crude oil price for the week of May 27 is herein.

Propane

The demand for heating oil keeps on falling: propane stocks continued to incline; last week, the stocks inclined by 1,204 thousand barrels – a 3.8% increase – reaching 32.809 million barrels – the highest level since February 4, 2011.

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