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POST DOE WRAP: NYMEX futures mixed after crude inventory decrease
HOUSTON, January 5, 2017 (PCW) -- NYMEX crude and products futures prices were mixed early Thursday after government figures showed a marked decrease in crude stocks and a build in gasoline.
The US remains long in crude, gasoline and diesel. Refinery crude inputs were higher; exports of products were lower but still healthy.
As of 10:26 am CST, February NYMEX WTI rose $0.03/bbl to $53.29/bbl; February gasoline was up 0.08 cpg to 164.67 cpg; and February diesel was off 1.10 cpg to 168.20/gal
Crude inventories fall 7.1m barrels
The US Energy Information Administration statistics for the week ending December 30 showed a 7.1 million barrel decrease in crude inventories to 479.0 million barrels (“near the upper limit of the average range,” per the EIA). Domestic crude oil production was put at 8.770 million b/d, up 4,000 b/d for the week, and 449,000 b/d lower versus the same period last year.
Imports of crude were down 984,000 b/d to about 7 2 million b/d on the week. Over the past four weeks, crude imports averaged 7.8 million b/d, an increase of 0.5% compared to last year at this time.
Gasoline imports up to 722,000 b/d
Gasoline imports were put at 722,000 b/d, up from 434,000 b/d the previous week; for the same period last year the figure was 602,000 b/d. Distillate imports were 9,000 b/d, down from 157,000 b/d on the week; the figure for last year was 164,000 b/d (typically the US imports products to the US East Coast and exports from the US Gulf Coast).
Total product demand over the past four weeks was put at 19.6 million b/d, down 0.5% versus the same period last year.
Total gasoline inventories (including blendstocks) were up 8.3 million barrels to 235.5 million barrels (“well above the upper limit of the average range,” per the EIA), 3.5 million barrels over last year. Demand was 9.0 million b/d over the past four weeks, down 0.2% from the same period last year.
Distillate stocks fall 10.1m barrels
Distillate stocks were put at 161.7 million barrels, 10.1 million barrels below last week, and 2.3 million barrels over last year. Distillate demand over the past four weeks was 3.8 million b/d, up 8.1% compared to the same period last year.
Propane/propylene inventories on the week were 84.1 million barrels (still “in the upper half of the average range”), down 2.7 million barrels on the week, and down 12.2 million barrels versus last year.
Total US refinery inputs averaged 16.7 million b/d, up 132,000 b/d compared to the previous week. Inputs of crude oil nationwide to refineries on a percentage basis were up 1% on the week at 92.0% of capacity. In the Gulf Coast (PADD III), inputs were up 0.2% to 95%.
Exports down 1.417m b/d
Also, net exports of all products were put at 2.741 million b/d, lower by 1.417 million b/d for the week, still a moderately bullish number. The US needs to export products to keep inventories manageable.
While domestic gasoline demand was put at 9.0 million b/d, total gasoline production came in 9.467 million b/d. Distillate demand was 3.8 million b/d, but production was 5.329 million b/d.-- Robert Sharp