Today's This Week in Petroleum from the Energy Information Administration reported that gasoline prices are now lower than year ago levels in all US regions. After six consecutive weeks of declines, prices have fallen nearly 31% to a national average of $2.656 per gallon. (Locally, gas prices have been under $2/gallon in southwest Missouri for the last 5 days.) Gas prices may stabilize at this level as gasoline inventories fell slightly and are again slightly below the average range for the season when measured in barrels (but within the average range in days of supply). Propane/propylene inventories decreased by 700,000 barrels, but crude oil, distillate fuel and total petroleum inventories rose. On the demand side, total products were down nearly 8% from the same 4-week period last year with all categories down and jet fuel down over 13%.
US Petroleum Supplies and Refining At a Glance
Total Petroleum Inventories: Up 6.7 million barrels Crude Oil Inventories: Up 500,000 barrels Gasoline Inventories: Down 1.5 million barrels Distillate Fuels Inventories: Up 2.3 million barrels Propane/propylene inventories: Down 700,000 barrels Refinery Crude Inputs: 14.9 million barrels/day Change: Up 289,000 barrels/day Refinery Activity: 85.3%
US Petroleum Demand At a Glance Compared to Same 4-Week Period Last Year
Total Products Supplied: Down 7.8% Gasoline: Down 3.4% Distillate Fuel: Down 5.2% Jet Fuel: Down 13.1%
This Week in Petroleum also had some interesting information on why the estimates of oil imports vary so widely, from 56 to 70% of US consumption. There are three categories of gain that result in higher total consumption than can be accounted for by crude oil plus imports of refined products:
1) the use of natural gas plant liquids (NGPLs) like propane, butane, and ethane; 2) the use of ethanol blended into gasoline; and 3) refinery gain.
That second category is especially interesting as most (91%) of the natural gas plant liquids are produced domestically and they account for 2.2 million barrels per day of the 20.7 million bpd petroleum product consumption.
Petroleum Report and This Week in Petroleum for 10/29/2008 [PDF] Full current report with data tables [PDF]
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October 29 2008, 9:58pm | Original Link »
