New From PetroChem Wire . . . .
PetroChem Wire and Genscape have partnered to create NGLs Week, a comprehensive summary of price trends, upstream and downstream costs, operations news and supply/demand forecasts. The report contains everything you'll need to understand what's happening in the NGL markets.
For more information,
Futures tumble after EIA reports build in product inventories
HOUSTON, January 6, 2015 (PCW) -- NYMEX futures prices fell Wednesday after government figures showed a build in gasoline and diesel inventories. There was a draw in crude stocks.
As of 10:15 am CST, February NYMEX WTI was down $1.49/bbl to $34.48/bbl, February gasoline was off 8.96 cpg to 116.71 cpg and February diesel was lower by 4.22 cpg to 108.31 cpg.
The US Energy Information Administration weekly statistics for the week ending January 1 showed a 5.1 million bbl decrease in crude inventories, to 482.3 million bbls. Domestic crude oil production was put at 9.219 million b/d, up 17,000 b/d for the week, but still up 87,000 b/d vs the same period last year.
Imports of crude up were down 382,000 b/d to 7.5 million b/d. Over the past four weeks, crude imports were 7.8 million b/d compared to the same period last year, an increase of 5.9% compared to last year at this time.
Total product demand over the past four weeks was put at 19.7 million b/d down 2.5% versus the same period last year. US refinery inputs were 16.6 milllion b/d, down 65,000 bbls compared to the previous week.
Gasoline inventories were up 10.6 million bbls to 232 million bbls (“in the upper half of the average range”). Demand was 9 million b/d, down 3.6% from the same period last year.
Distillate stocks were up 6.3 million bbls to 153.1 million bbls (“near the upper limit of the average range,” per the EIA). Distillate demand over the past four weeks was down 3.6% to 3.5 million b/d compared to the same period last year.
Inputs of crude oil nationwide to refineries on a percentage basis were lower by 0.1% on the week at 92.5 % of capacity. In the Gulf Coast (PADD III), runs were down 1% to 93.6%.
Net exports of all products were put at 2.25 million b/d, down 23,000 b/d for the week, but still a very positive export figure. -- Robert Sharp
To keep up with the day's news and prices in refined products, gasoline blendstocks and refinery chemicals, click here to check out the PCW Daily Refinery Focus