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POST DOE WRAP: NYMEX WTI falls despite crude inventory decrease

HOUSTON, December 7, 2016 (PCW) -- NYMEX crude and products futures prices were lower early Wednesday despite government figures showed a draw in crude stocks.

The US, remains long in crude, gasoline, and diesel. Refinery crude inputs were up; gasoline stocks built but exports are bullish.

As of 10:06 am CST, January NYMEX WTI fell $0.94/bbl to $49.99/bbl; January gasoline was down 1.99 cpg to 151.60 cpg; and December diesel was down 1.58 cpg to 162.21/gal

Crude inventories are down

The US Energy Information Administration statistics for the week ending December 2 showed a 2.4 million barrel decrease in crude inventories to 485.1 million barrels (“at the upper limit of the average range,” per the EIA). Domestic crude oil production was put at 8.697 million b/d, down 2,000 for the week, but 467,000 lower versus the same period last year.

Imports of crude were up 755,000 b/d to 8.3 million b/d on the week. Over the past four weeks, crude imports averaged 8.0 million b/d, an increase of 5.9% compared to last year at this time.

Gasoline imports are off

Gasoline imports were put at 652,000 b/d, down from 851,000 the previous week; for the same period last year the figure was 648,000. Distillate imports were 106,000 b/d, down from 174,000 b/d on the week; the figure for last year was 58,000 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 1.0% versus the same period last year.

Total gasoline inventories (including blendstocks) were up 3.4 million barrels at 229.5 million (“well above the upper limit of the average range,” per the EIA), 11.9 million over last year. Demand was 9.1 million b/d over the past four weeks, down 1.2% from the same period last year.

Distillate stocks were put at 156.7 mllion, 2.5 million over last week, and 7.3 million over last year. Distillate demand over the past four weeks was 3.9 million b/d, up 5.7% compared to the same period last year.

Propane stocks fall

Propane/propylene inventories on the week were 99.3 million barrels, down 1.5 million on the week, and down 1.4 million versus last year (“near the upper limit of the average range”).

Total US refinery inputs averaged 16.4 million b/d, up 134,000 b/d compared to the previous week. Inputs of crude oil nationwide to refineries on a percentage basis were up 0.8% on the week, put at 90.4% of capacity. In the Gulf Coast (PADD III), inputs were off 1.1% to 91.8%.

Also, net exports of all products were put at 2.555 million b/d, up 460,000 for the week, a bullish number. The US needs to export products to keep inventories manageable.

While domestic gasoline demand was put at 9.1 million b/d, total gasoline production came in at 9.913 million b/d. Distillate demand was 3.9 million b/d, but production was 5.2083 million. -- Robert Sharp

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