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NGLs Week is PetroChem Wire's 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.

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POST DOE WRAP: NYMEX lower on crude stock builds

HOUSTON, November 15, 2017 (PCW) -- NYMEX crude and products futures prices were lower early Wednesday after government figures showed an increase in crude stocks.

Domestic crude oil production remains healthy and distillate and gasoline stocks are low vs. last year; exports are still very strong.

As of 10:19 am CDT, December NYMEX WTI was down $0.35/bbl at $55.35/bbl; December gasoline dropped 1.72 cpg to 174.40 cpg; and December diesel decreased 0.55 cpg to 190.15 cpg.

Crude inventories rise 1.9 million barrels

The US Energy Information Administration statistics for the week ending November 10 showed a 1.9 million barrel increase in commercial crude inventories to 459.0 million barrels (“in the upper half of the average range,” per the EIA).

Domestic crude oil production was put at 9.645 million b/d, up 25,000 b/d for the week, and 964,000 b/d higher than the same period last year.

Imports of crude were off 521,000 b/d to 7.9 million b/d on the week. Over the past four weeks, crude imports averaged 7.7 million b/d, down 2.8% compared to last year at this time.

Total gasoline imports were put at 349,000 b/d, down from 405,000 b/d last week; for the same period last year the figure was 821,000 b/d. Distillate imports were 161,000 b/d, up from 86,000 b/d on the week; the figure for last year was 169,000 b/d (typically the US imports products to the US East Coast and exports from the US Gulf Coast).

Total product demand rises 0.5%

Total product demand over the past four weeks was put at 20.1 million b/d, up 0.5% versus the same period last year.

Total gasoline inventories (including blendstocks) were up 0.9 million barrels to at 210.4 million barrels (“in the middle of the average range”), 11.3 million barrels below last year. Gasoline demand was 9.4 million b/d over the past four weeks, up 1.5% from the same period last year.

Distillate stocks totaled 124.8 million barrels (in the lower half of the average range”), down 0.8 million barrels, compared with last week, and 24.1 million barrels below last year. Distillate demand over the past four weeks was 4.0 million b/d, up 0.8% compared with the same period last year.

Propane stocks fall 2.5 million barrels

Propane/propylene inventories on the week were 74.7 million barrels (“in the lower half of the average range”), down 2.5 million barrels on the week, and lower by 26.1 million barrels versus last year.

Total US refinery crude inputs on the week averaged 16.6 million b/d, up by 334,000 b/d, 91.0% of capacity, higher by 1.4% percentage points. In PADD 3 (the Gulf Coast) runs were up 0.5 percentage points to 92.8%.

Also, net exports of all products were put at 2.930 million b/d, up 118,000 b/d for the week, a bullish number. The US typically needs to export products to keep inventories manageable.

While domestic gasoline demand was put at 9.4 million b/d, total gasoline production came in at 10.095 million b/d. Distillate demand was 4.0 million b/d, production 5.231 million b/d.

Crude exports rise

Exports of crude oil were 1.129 million b/d, up from 869,000 b/d last week; one year ago the figure was 481,000 b/d. -- Robert Sharp

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