U.S. Oil Stockpiles Declined Again by 7.3 Million Bbl – September 22

In the recent Energy Information Administration petroleum report there is an analysis of the recent sanctions on Syria and its effect on the oil market. According to the EIA the disruption in Syria’s oil output won’t have a strong impact on the global oil prices as was the case in Libya. This is true because Syria’s oil quality and oil production quantity doesn’t match Libya’s.

Here is a weekly review for the week ends on September 16th of the U.S. oil and petroleum market including: gasoline and crude oil prices; petroleum, gasoline and crude oil stockpiles:

Petroleum Stocks

U.S. Petroleum and crude oil stockpiles declined last week by 5.2 million barrels, or by 0.30%; this is the eighth consecutive week in which the U.S. Petroleum and crude oil stockpiles had declined. For the week ending on September 16th petroleum and crude oil stockpiles reached 1,774.0 million barrels.

U.S. Ending Stocks of crude oil also sharply fell by 7.3 million barrels and reached 1,034.9 million barrels; U.S. Ending Stocks of Total Gasoline on the other hand, sharply inclined by 1.56% compared with last week’s stocks; it reached 214.075 million barrels. U.S. Ending Stocks excluding SPR of Crude Oil reached 339.048 million bbl – a weekly decrease of 7.3 million bbl.

The chart below shows the petroleum and oil stockpiles levels compared to the WTI crude oil price during 2010-2011. In recent weeks there was a downward trend on petroleum and oil stockpiles and a moderate upward trend in WTI crude oil price. During 2011, the lagged linear correlation between WTI oil price and current oil stockpiles was -0.169.


Weekly U.S. Ending Stocks Crude Oil and WTI spot oil price 2011 September 22

Petroleum production and imports (for the week of September 16th)

US production bounced back last week; oil imports declined; crude oil refinery inputs also decreased last week.

The four week average of US production (million of barrels a day) for the week of September 16th reached 5.518, which is slightly higher by 0.7% compared with the previous week’s; it is 1.2% below the average production at the same week in 2010;

Crude oil imports declined last week by 1.3% to 8.759 (for 4 week average) compared to the week of 9/9/2011; they were 5.1% below the average during the same time last year.

The crude oil refinery inputs (4 week average) reached 15.306 (million b/d), a decrease of 0.6% compared with the previous week of 9/9/2011, but were 2.4% above the same time last year.

Below is a detailed recap of the information listed above (for the week of September 16th):

Crude Oil Production and Imports Crude Oil Refinery Inputs 2011 September 22

Crude oil price, Gasoline and Diesel prices for the week ending on September 16th  

The average U.S. gasoline retail price sharply fell by six cents per gallon compared with the previous week’s average; it reached $3.60 /g, which is $0.88 /g higher than the same week in 2010.

The national average Diesel prices also slipped by three cents compared with the previous week; it reached $3.83/g. which is $0.87/g higher than last year’s average price at same time.

A detailed analysis of crude oil prices for the week ending on September 16 is herein.


Propane stocks slightly inclined last week by 614 thousand barrels – a 1.12% increase – reaching 55.359 million barrels.


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