In the recent Energy Information Administration petroleum report there is an overview of the recent development in the oil supply coming from West Africa. This region is a very important source of oil supply for the U.S. and accounts for roughly 14% of total U.S. oil imports in 2010 with Nigeria being the largest oil producer in Africa.
Here is a weekly review for the week ends on September 23rd of the U.S. oil and petroleum market:
Crude oil Stockpiles
U.S. Petroleum and crude oil stockpiles bounced back last week and slightly inclined by 1.1 million barrels, or by 0.06%; this shift came after an eight consecutive week rise in U.S. Petroleum and crude oil stockpiles. For the week ending on September 23rd petroleum and crude oil stockpiles reached 1,775.1 million barrels.
U.S. Ending Stocks of crude oil also inclined by 1.9 million barrels and reached 1,036.9 million barrels; U.S. Ending Stocks of Total Gasoline on the other hand, slightly inclined by 0.37% compared with last week’s stocks; it reached 214.866 million barrels. U.S. Ending Stocks excluding SPR of Crude Oil reached 340.963 million bbl – a weekly increase of 1.9 million bbl.
The chart below shows the petroleum and oil stockpiles levels compared to the WTI crude oil price during 2011. In recent weeks, petroleum and oil stockpiles fell, while WTI crude oil price reached the price level it was back in February. During 2011, the lagged linear correlation between WTI oil price and current oil stockpiles was -0.128.
Petroleum production and imports (for the week of September 23rd)
US production rose last week; oil imports inclined; crude oil refinery inputs decreased last week.
The four week average of US production (million of barrels a day) for the week of September 23rd reached 5.557, which is slightly higher by 0.7% compared with the previous week’s; it is 0.3% below the average production at the same week in 2010;
Crude oil imports inclined last week by 0.3% to 8.783 (for 4 week average) compared to the week of 16/9/2011; they were 3.1% below the average during the same time last year.
The crude oil refinery inputs (4 week average) reached 15.24 (million b/d), a decrease of 0.4% compared with the previous week of 16/9/2011, but were 2.2% above the same time last year.
Below is a detailed recap of the information listed above (for the week of September 23rd):
Crude oil price, Gasoline and Diesel prices for the week ending on September 23rd
The average U.S. gasoline retail price sharply fell by nine cents per gallon compared with the previous week’s average; it reached $3.51 /g, which is $0.82 /g higher than the same week in 2010.
The national average Diesel prices also slipped by four cents compared with the previous week; it reached $3.79/g. which is $0.84/g higher than last year’s average price at same time.
A detailed analysis of crude oil prices for the week ending on September 23 is herein.
Propane
Propane stocks slightly inclined last week by 867 thousand barrels – a 1.57% increase – reaching 56.226 million barrels.
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