Weekly Petroleum Report -- OPEC Crude Production Falls, U.S. Supply Increases

March 14, 2013 04:59 AM

Crude Oil --

OPEC crude oil production fell during the fourth quarter of 2012 by 800,000 barrels per day (bbl/d). EIA's short term energy outlook projects that OPEC will continue to cut production in response to non-OPEC supply growth. But total OPEC petroleum liquids production will not decline as much because of growth in OPEC's condensate and natural gas liquids.crprfuts3 14

April 13 WTI crude currently at $92.75 after opening today at $92.51. Fresh resistance was established on Tuesday this week at $93.40 followed by a quick fall and sideways movement until nearly striking the same resistance point the following day. Today, WTI pushed up to $93.02 before trailing. April crude is setting its feet for another run to the upside, but failure to pass through the $93.02 mark would signal limited upside potential.

U.S. crude stocks remain strong and well above the five-year average -- adding another 2.6 million barrels (mmbbl) to 384.0 mmbbl in storage -- an increase of 36.5 million barrels above last year.

The U.S. average retail price of regular gasoline decreased five cents to $3.71 per gallon, down an encouraging 12 cents from last year at this time. The national average diesel fuel price decreased four cents to $4.13 per gallon, four cents higher than last year at this time.

Farm Diesel $0.027 higher in the Inputs Monitor Regional Index at $3.587.

Propane --prstuss3 14

Residential Propane prices unchanged during the report week at $2.491/gallon -- $0.377 less than the same time last year.

LP $0.002 higher to $1.498/gallon on the farm according to Inputs Monitor data.

According to EIA, "U.S. propane stocks fell 2.7 million barrels to end at 43.0 million barrels last week, yet are 0.8 million barrels -- 1.9% -- higher than the same period a year ago."

Distillate --

Distillate supply added 0.1 million barrels (mmbbl) to 120.4 mmbbl. That is still 14.4 mmbbl below year-ago levels, but distillate supplies are gradually making a comeback into the five year average.




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