In the recent Energy Information Administration petroleum report there is an analysis of the changes in the Japan’s demand for liquefied fuels in 2011 following the tsunami attack that damaged its nuclear power sources.
Here is a weekly review for the week ends on October 14th of the U.S. oil and petroleum market:
Crude oil Stockpiles
U.S. Petroleum and crude oil stockpiles sharply declined last week by 10.9 million barrels, or by 0.62%. For the week ending on October 14th petroleum and crude oil stockpiles reached 1,758.1 million barrels.
U.S. Ending Stocks of crude oil also declined by 4.7 million barrels and reached 1,028.85 million barrels; U.S. Ending Stocks of Total Gasoline also declined by 1.59% compared with last week’s stocks; it reached 206.271 million barrels. U.S. Ending Stocks excluding SPR of Crude Oil reached 332.899 million bbl – a weekly decrease of 4.7 million bbl.
The chart below presents the petroleum and oil stockpiles levels compared to the WTI crude oil price in 2011. In recent weeks, petroleum and oil stockpiles had a sharp downward trend, while WTI crude oil spot price broke it fall and sharply rose last week. During 2011, the lagged linear correlation between WTI oil price and current oil stockpiles was -0.119.
Petroleum production and imports (for the week of October 14th)
U.S. production slightly inclined last week; oil imports and crude oil refinery inputs decreased last week.
The four week average of U.S. production (million of barrels a day) for the week of October 14th reached 5.831, which is higher by 0.6% compared with the previous week’s; it is 5.3% above the average production at the same week in 2010;
Crude oil imports declined last week by 1.2% to 8.852 (for 4 week average) compared to the week of 7/10/2011; they were 2.2% above the average during the same time last year.
The crude oil refinery inputs (4 week average) reached 14.807 (million b/d), a decrease of 1.5% compared with the previous week of 7/10/2011, 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 14th):
Crude oil price, Gasoline and Diesel prices for the week ending on October 14th
The average U.S. gasoline retail price changed direction and sharply increased last week by six cents per gallon compared with the previous week’s average; it reached $3.48 /g, which is $0.64 /g higher than the same week in 2010.
The national average Diesel prices also inclined by eight cents compared with the previous week; it reached $3.80/g. which is $0.73/g higher than last year’s average price at same time.
A detailed analysis of crude oil prices for the week ending on October 14th is herein.
Propane
Propane stocks inclined last week by 1,036 thousand barrels – a 1.79% increase – reaching 58.929 million barrels. The average residential propane price added 2 cents/gallon to reach of $1.56 per gallon.
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