The recent Energy Information Administration petroleum report examines the Libyan condition following the end of the civil war there. The EIA analyzes the factors that will affect Libya’s oil production recovery in the near future.
Here is a weekly review for the week ends on September 9th 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 fell last week by 5.6 million barrels, or by 0.31%; this is the seventh consecutive week in which the U.S. Petroleum and crude oil stockpiles had declined. For the week ending on September 9th petroleum and crude oil stockpiles reached 1,779.2 million barrels.
U.S. Ending Stocks of crude oil also sharply fell by 7.7 million barrels and reached 1,042.3 million barrels; U.S. Ending Stocks of Total Gasoline on the other hand, inclined by 0.93% compared with last week’s stocks; it reached 210.78 million barrels. U.S. Ending Stocks excluding SPR of Crude Oil reached 346.384 million bbl – a weekly decrease of 6.7 million bbl.
The chart below shows the petroleum and oil stockpiles levels compared to the WTI crude oil prices during 2011. It shows there is an apparent weak lagged effect between the changes in oil stockpiles and WTI spot oil prices. During 2011, the lagged linear correlation between WTI oil price and current oil stockpiles was -0.165.
Petroleum production and imports (for the week of September 9th)
US production sharply fell last week, along with the ongoing decline in oil imports; 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 9th reached 5.479, which is sharply lower by 2.1% compared with the previous week’s, and is 1.7% below the average production at the same week in 2010;
Crude oil imports declined last week by 2.0% to 8.874 (for 4 week average) compared to the week of 2/9/2011; they were 5.3% below the average during the same time last year.
The crude oil refinery inputs (4 week average) reached 15.395 (million b/d), a decrease of 0.6% compared with the previous week of 2/9/2011, but were 3.3% above the same time last year.
The recent weather disruptions in the East Coast and the Gulf of Mexico may have been among the factors to cause the decline in production, refinery inputs and thus the sharp drop in crude oil stockpiles.
Below is a detailed recap of the information listed above (for the week of September 9th):
Crude oil price, Gasoline and Diesel prices for the week ending on September 2nd
The average U.S. gasoline retail price slightly fell by nearly a penny per gallon compared with the previous week’s average; it reached $3.66 /g, which is $0.94 /g higher than the same week in 2010.
The national average Diesel prices also slipped by a penny compared with the previous week; it reached $3.86/g. which is $0.92/g higher than last year’s average price at same time.
A detailed analysis of crude oil prices for the week of September 9 is herein.
Propane
Propane stocks rose last week by 1,184 thousand barrels – a 2.21% increase – reaching 54.745 million barrels.
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