U.S. Oil Stockpiles Declined by 8.7Million Bbl – November 17

In this week’s Energy Information Administration petroleum report there is an analysis of the horizontal drilling technique that is used not only for drilling natural gas but also crude oil.

Here is a weekly review for the week ends on November 11th of the U.S. oil and petroleum market:

Crude oil Stockpiles

U.S. Petroleum and crude oil stockpiles continued to decline last week by 8.7 million barrels, or by 0.50%. For the week ending on November 11th petroleum and crude oil stockpiles reached 1,736.65 million barrels. The current oil stockpiles are still below the quota during the same week last year: the current crude oil stockpiles are 96,303 million barrels below oil stockpiles levels recorded during the same week in 2010.

U.S. Ending Stocks of crude oil fell by 1.0 million barrels and reached 1,032.98 million barrels; U.S. Ending Stocks excluding SPR of Crude Oil reached 337.03 million bbl – a weekly decrease of 1.0 million bbl.

U.S. Ending Stocks of Total Gasoline on the other hand rose by 0.49% compared with last week’s stocks; it reached 205.159 million barrels.

The chart below demonstrates the changes in petroleum and oil stockpiles levels compared to the WTI crude oil price during 2010 and 2011. In recent weeks, petroleum and oil stockpiles continued to sharply fell, while WTI crude oil spot price very sharply inclined. During 2011, the lagged linear correlation between WTI oil price and current oil stockpiles was -0.159.

Weekly U.S. Ending Stocks Crude Oil and WTI spot oil price 2011 November 17

Petroleum production and imports (for the week of November 11th)

U.S. oil refinery inputs and oil imports increased last week, while oil production remained unchanged.

The four week average of U.S. production (million of barrels a day) for the week of November 11th remained at 5.859; it is 5.0% above the average production at the same week in 2010;

Crude oil imports inclined last week by 1.8% to 8.878 (for 4 week average) compared to the week of 4/11/2011; they were 4.5% above the average during the same time last year.

The crude oil refinery inputs (4 week average) reached 14.592 (million b/d), an increase of 0.5% compared with the previous week of 4/11/2011, and were 3.5% above the same time last year.

Below is a detailed recap of the information listed above (for the week of November 11th):

Crude Oil Production and Imports Crude Oil Refinery Inputs 2011 November 17

Crude oil price, Gasoline and Diesel Prices for the Week Ending on November 11th

The average U.S. gasoline retail price slightly inclined last week by a penny per gallon compared with the previous week’s average; it reached $3.44 /g, which is $0.54 /g higher than the same week in 2010.

The national average Diesel prices sharply rose by 10 cents to $3.99/g. which is $0.80/g higher than last year’s average price at same time.

 A detailed analysis of crude oil prices for the week ending on November 11th is herein.

Propane Prices and Stocks

Propane stocks fell by 572 thousand barrels and reached 59.620 million barrels. The average residential propane price slightly rose by less than 1 cent to $2.83 per gallon, which is $0.30 above the rate during the same week in 2010.

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