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POST DOE WRAP: NYMEX WTI rises with crude inventory decrease
HOUSTON, November 30, 2016 (PCW) -- NYMEX crude and products futures prices were higher early Wednesday after government figures showed a draw in crude stocks. A potential OPEC production cut also helped drive the market higher.
The US remains long in crude, gasoline and diesel. Refinery crude inputs were down.
Domestic demand rose and export volumes of products were still bullish.
As of 10:01 am CST, January NYMEX WTI rose $3.26/bbl to $48.49/bbl; December gasoline was up 9.29 cpg to 147.00 cpg; and December diesel was up 8.76 cpg to 155.03/gal
Crude inventories fall 0.9m barrels
The US Energy Information Administration statistics for the week ending November 25 showed a 0.9 million barrel decrease in crude inventories to 488.1 million barrels (“near the upper limit of the average range,” per the EIA). Domestic crude oil production was put at 8.699 million b/d, up 9,000 b/d for the week, but 503,000 b/d lower versus the same period last year.
Imports of crude were down 30,000 b/d to 7.5 million b/d on the week. Over the past four weeks, crude imports averaged 7.7 million b/d, an increase of 5.3% compared to last year at this time.
Gasoline imports rise to 851,000 b/d
Gasoline imports were put at 851,000 b/d, up from 821,000 the previous week; for the same period last year the figure was 433,000 b/d. Distillate imports were 174,000 b/d, up from 136,000 b/d on the week; the figure for last year was 218,000 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 19.8 million b/d, up 1.0% versus the same period last year.
Total gasoline inventories (including blendstocks) were up 2.1 million barrels at 226.1 million barrels (“well above the upper limit of the average range,” per the EIA), 9.3 million barrels over last year. Demand was 9.2 million b/d over the past four weeks, up 0.1% from the same period last year.
Distillate stocks were put at 9.8 million b/d over last year. Distillate demand over the past four weeks was 4.0 million b/d, up 4.1% compared to the same period last year.
Propane stocks fall 1.9m barrels
Propane/propylene inventories on the week were 100.8 million barrels, down 1.9 million barrels on the week, and down 3.3 million barrels versus last year (“near the upper limit of the average range”).
Total US refinery inputs averaged 16.3 million b/d, down 114,000 b/d compared to the previous week. Inputs of crude oil nationwide to refineries on a percentage basis were off 1.0% on the week, put at 89.8% of capacity. In the Gulf Coast (PADD III), inputs were up 0.1% to 92.9%.
Also, net exports of all products were put at 2.095 million b/d, up 125,000 b/d for the week, a bullish number. The US needs to export products to keep inventories manageable.
While domestic gasoline demand was put at 9.2 million b/d, total gasoline production came in at 10.018 million b/d. Distillate demand was 4.0 million b/d, but production was 5.216 million b/d. -- Robert Sharp