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POST DOE WRAP: NYMEX mixed on crude stock draw
HOUSTON, November 22, 2017 (PCW) -- NYMEX crude and products futures prices were mixed early Wednesday after government figures showed a decline in crude stocks.
Domestic crude oil production remains healthy but exports are healthier; distillate and gasoline stocks are very low vs. last year and exports are still very strong.
As of 10:04 am CDT, January NYMEX WTI was up $0.71 bbl at $57.54/bbl; January gasoline dropped 0.88 cpg to 175.84 cpg; and December diesel decreased 0.61 cpg to 192.90 cpg.
Crude inventories fall 1.9 million barrels
The US Energy Information Administration statistics for the week ending November 10 showed a 1.9 million barrel decrease in commercial crude inventories to 457.1 million barrels (“in the upper half of the average range,” per the EIA).
Domestic crude oil production was put at 9.658 million b/d, up 13,000 b/d for the week, and 968,000 b/d higher than the same period last year.
Imports of crude were off 25,000 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 5.3% compared to last year at this time.
Total gasoline imports were put at 514,000 b/d, up from 349,000 b/d last week; for the same period last year the figure was 855,000 b/d. Distillate imports were 190,000 b/d, up from 161,000 b/d on the week; the figure for last year was 136,000 b/d (typically the US imports products to the US East Coast and exports from the US Gulf Coast).
Total product demand rises 0.1%
Total product demand over the past four weeks was put at 20 million b/d, up 0.1% versus the same period last year.
Total gasoline inventories (including blendstocks) were up 0.1 million barrels to at 210.54 million barrels (“in the middle of the average range”), 13.6 million barrels below last year. Gasoline demand was 9.4 million b/d over the past four weeks, up 2.6% from the same period last year.
Distillate stocks totaled 125.0 million barrels (in the lower half of the average range”), up 0.3 million barrels, compared with last week, and 24.2 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 1.0 million barrels
Propane/propylene inventories on the week were 73.7 million barrels (“in the lower half of the average range”), down 1.0 million barrels on the week, and lower by 29.0 million barrels versus last year.
Total US refinery crude inputs on the week averaged 16.8 million b/d, up by 199,000 b/d, 91.3% of capacity, higher by 0.3% percentage points. In PADD 3 (the Gulf Coast) runs were down 2.2 percentage points to 90.6%.
Also, net exports of all products were put at 3.499 million b/d, up 569,000 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 10.432 million b/d. Distillate demand was 4.0 million b/d, production 5.335 million b/d.
Crude exports rise 462,000 b/d
Exports of crude oil were 1.591 million b/d, up from 1.129 million b/d last week; one year ago the figure was 469,000 b/d. -- Robert Sharp