U.S. Oil Stockpiles Inclined by 1.8 Million Bbl – November 3

In the recent Energy Information Administration petroleum report there is an analysis of the heating oil market in preparation for the winter.

Here is a weekly review for the week ends on October 28th of the U.S. oil and petroleum market:

Crude oil Stockpiles

U.S. Petroleum and crude oil stockpiles rose last week by 1.8 million barrels, or by 0.10%. For the week ending on October 28th petroleum and crude oil stockpiles reached 1,760.7 million barrels. The current oil stockpiles are still well below the quota recoded in 2010: the current crude oil stockpiles are 93,178 million barrels below oil stockpiles levels recorded during the same week in 2010.

U.S. Ending Stocks of crude oil inclined by 1.8 million barrels and reached 1,035.411 million barrels; U.S. Ending Stocks excluding SPR of Crude Oil reached 339.460 million bbl – a weekly increase of 1.8 million bbl.

U.S. Ending Stocks of Total Gasoline also inclined by 0.66% compared with last week’s stocks; it reached 206.274 million barrels.

The chart below presents the petroleum and oil stockpiles levels compared to the WTI crude oil price in 2010 and 2011. In the last several weeks, petroleum and oil stockpiles continued the downward trend, while WTI crude oil spot price picked up. During 2011, the lagged linear correlation between WTI oil price and current oil stockpiles was -0.119.


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

Petroleum production and imports (for the week of October 28th)

U.S. oil production and oil imports slightly increased last week; crude oil refinery inputs declined last week.

The four week average of U.S. production (million of barrels a day) for the week of October 28th reached 5.866, which is higher by 0.1% compared with the previous week’s; it is also 5.7% above the average production at the same week in 2010;

Crude oil imports inclined last week by 0.7% to 8.834 (for 4 week average) compared to the week of 21/10/2011; they were 1.6% above the average during the same time last year.

The crude oil refinery inputs (4 week average) reached 14.575 (million b/d), a decrease of 0.7% compared with the previous week of 21/10/2011, but were 4.5% above the same time last year.

Below is a detailed recap of the information listed above (for the week of October 28th):


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

Crude oil price, Gasoline and Diesel Prices for the Week Ending on October 28th

The average U.S. gasoline retail price fell last week by a penny per gallon compared with the previous week’s average; it reached $3.45 /g, which is $0.65 /g higher than the same week in 2010.

The national average Diesel prices on the other hand sharply rose by 7 cents compared with the previous week; it reached $3.89/g. which is $0.83/g higher than last year’s average price at same time.

 A detailed analysis of crude oil prices for the week ending on October 28th is herein.

Propane Prices and Stocks

Propane stocks sharply rose last week by 1,152 thousand barrels – a 1.95% increase – reaching 60.263 million barrels. The average residential propane price slightly inclined by 2.5 cents to $2.82 per gallon, which is $0.36 above the rate during the same week in 2010.

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