U.S. oil stocks sharply rose by over 9.1 million bbl – July 28

In this week’s Energy Information Administration petroleum report there is a review and outlook of the North Dakota oil production, which is the U.S.’s fourth largest crude oil production state and has been rising throughout 2011.

 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 22nd:

Petroleum Stocks

U.S. Petroleum and oil stocks sharply inclined during last week by 9.16 million barrels, or by 0.51%; this is the largest injection since April 30th, 2010. For the week ending on July 22nd crude oil stocks reached 1,809 million barrels – the highest stockpiles since December 10th, 2010.


U.S. Ending Stocks of crude oil on the other hand nearly didn’t change as it remained at 1,078.288 million barrels; U.S. Ending Stocks of Total Gasoline also inclined by 0.48% compared with last week’s stocks and reached 213.4 million barrels.

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

 Weekly U.S. Ending Stocks of Crude Oil and WTI spot oil price 2011 July 27

 It shows the upward trend since the end of April of petroleum and oil stocks, which is part a seasonality effect; it also shows that the current WTI spot oil price level is lower than recent weeks, but is still high compared with 2010’s price level. The linear correlation of these two data series (their weekly percent changes) during 2011 is -0.144.

 Petroleum production and imports (for the week of July 22nd)

The four week average US production (million of barrels a day) for the week of July 22nd reached 5.428, which is 1.6% below previous week’s, but is 1.6% above the average production at the same time last year;

Crude oil imports inclined again (4 week average) by 2.6% compared to the week of 15/7/2011, but were 4.5% below the same time last year.

The crude oil refinery inputs (4 week average) reached 15.379 (million b/d), an increase of 0.2% compared with the previous week of 15/7/2011, but were 0.3% below the same time last year.

Below is a detailed recap of the information listed above (for the week of July 22nd):

 Crude Oil Production and Imports  and Crude Oil Refinery Inputs 2011 July 27

 Crude oil price, Gasoline and Diesel prices for the week ending on July 22nd

The average U.S. gasoline retail price kept on rising; last week, it inclined by two cents per gallon compared with the previous week’s average; it reached $3.70 /g, which is $0.95 /g higher than the same period in 2010.

The national average Diesel prices also inclined by three cents 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.

 A detailed analysis on crude oil price for the week of July 22 is herein.


Propane stocks keep on stocking up; last week, the stocks inclined by 1,646 thousand barrels – a 3.53% increase – reaching 48.247 million barrels.


 For further reading (in this site):

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