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Crude, most refined products futures buoyed by bullish crude draw report

HOUSTON, December 9, 2015 (PCW) -- NYMEX crude futures prices were up Wednesday after government figures showed a decline in crude inventories.

As of 10:40 am January NYMEX WTI was up $0.25/bbl to $37.76/bbl; January gasoline was up 2.76 cpg to 123.12 cpg. January diesel was down 1.15 cpg to 124.77 cpg.

The US Energy Information Administration weekly statistics for the week ended December 4 showed a 3.6 million bbl decrease in crude inventories, to 485.9 million bbl. Domestic crude oil production was put at 9.164 million b/d, down 38,000 b/d for the week, but up almost 46,000 b/d vs the same period last year.

Imports of crude up were up 274,000 b/d to 8 million. Over the past four weeks, crude imports were unchanged compared with the same period last year.

Total product demand over the past four weeks was put a 19.8 million b/d, down 0.6% versus the same period last year.

Gasoline inventories were up 800,000 bbl, to 216.9 million bbl (“in the upper half of the average range,” per the EIA). Gasoline demand over the past four weeks showed a 0.7% increase compared with the same time last year to 9.2 million b/d.

Distillate stocks were up 5 million barrels, to 194.4 million (“in the upper half of the average range,” per the EIA). Distillate demand over the past four weeks was down 1.2% to 3.7 million b/d compared with the same period last year.

Inputs of crude oil nationwide to refineries were lower by 1.4% on the week, put at 93.1% of capacity. In the Gulf Coast (PADD III), runs were also down 1.4%, to 94.5%.

Overall, the draw in crude is the salient feature of the market. Diesel is being hurt by increased competition overseas, which is affecting exports. -- Robert Sharp