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Crude oil futures drop after US reports increase in gasoline, diesel supplies
HOUSTON, January 13, 2016 (PCW) -- NYMEX crude futures prices fell Wednesday after government figures showed a build in gasoline and diesel inventories. There was a small decline in crude stocks. Gasoline stocks in the first two weeks of the year have shot up almost 20 million barrels.
As of 9:50 am CST, February NYMEX WTI was down $0.32/bbl to 30.12/bbl, February gasoline was off 2.6 cpg to 105.88 cpg; and February diesel was lower by 2.39 cpg to 96.62 cpg.
The US Energy Information Administration weekly statistics for the week ended January 8 showed a 0.2 million bbl decrease in crude inventories, to 482.6 million bbl. Domestic crude oil production was put at 9.227 million b/d, up 8,000 b/d for the week, but still up 35,000 b/d vs the same period last year.
Crude production in the US is off its highs seen in the summer, but has not fallen dramatically as some expected.
Imports of crude up were up 678,000 b/d, to 8.2 million. Over the past four weeks, crude imports were 7.7 million b/d compared with the same period last year, an increase of 4.1% compared with last year at this time.
Total product demand over the past four weeks was put at 19.3 million b/d, down 3.1% versus the same period last year. US refinery inputs were 16.4 milllion b/d, down 194,000 compared with the previous week.
Gasoline inventories were up 18.4 million bbl, to 240.4 million (“above the upper limit of the average range”). Demand was 8.8 million b/d over the past four weeks, down 4.3% from the same period last year.
Distillate stocks were up 6.1 million barrels, to 165.6 million (“above the upper limit of the average range,” per the EIA). Distillate demand over the past four weeks was down 12.1% to 3.4 million b/d compared with the same period last year.
Inputs of crude oil nationwide to refineries on a percentage basis were lower by 1.3% on the week, put at 91.2% of capacity. In the Gulf Coast (PADD 3), runs were down 2.6% to 91%.
Net exports of all products were put at 2.17million b/d, down 55,000 for the week, but still a very positive export figure. -- Robert Sharp
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