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NGLs Week

NGLs Week Newsletter  

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 futures mixed after crude inventory decrease

      HOUSTON, December 14, 2016 (PCW) -- NYMEX crude and products futures prices were mixed early Wednesday after government figures showed a draw in crude stocks.

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

As of 10:07 am CST, January NYMEX WTI was down $0.46/bbl to $52.52/bbl; January gasoline was up 0.53 cpg to 155.60 cpg and January diesel rose 0.81 cpg to 168.28/gal

Crude inventories down 2.6m barrels

The US Energy Information Administration statistics for the week ending December 9 showed a 2.6 million barrel decrease in crude inventories to 483.2 million barrels (“near the upper limit of the average range,” per the EIA). Domestic crude oil production was put at 8.796 million b/d, up 99,000 b/d for the week, but 380,000 b/d lower versus the same period last year.

Imports of crude were down 943,000 b/d to 7.4 million b/d on the week. Over the past four weeks, crude imports averaged 7.7 million b/d, a decrease of 2.0% compared to last year at this time.

            Gasoline imports fall to 624,000 b/d

Gasoline imports were put at 624,000 b/d, down from 652,000 b/d the previous week; for the same period last year the figure was 660,000 b/d.  Distillate imports were 233,000 b/d, up from 106,000 b/d on the week; the figure for last year was 84,000 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 19.4 million b/d, down 2.5% versus the same period last year.                                         

Total gasoline inventories (including blendstocks) were up 0.5 million barrels to 230 million barrels (“well above the upper limit of the average range,” per the EIA), 10.7 million over last year. Demand was 8.9 million b/d over the past four weeks, down 3.0% from the same period last year.

Distillate stocks were put at 155.9 million barrels, 0.8 million barrels below last week, and 4.0 million barrels over last year. Distillate demand over the past four weeks was 3.9 million b/d, up 11.0% compared to the same period last year.

  Propane stocks fall 3.6m barrels

 Propane/propylene inventories on the week were 95.6 million barrels, down 3.6 million barrels on the week, and 3.4 million barrels lower versus last year (“near the upper limit of the average range”).

 Total US refinery inputs averaged 16.5 million b/d, up 57,000 b/d compared to the previous week. Inputs of crude oil nationwide to refineries on a percentage basis were up 0.1% on the week, put at 90.5% of capacity. In the Gulf Coast (PADD III), inputs were up 1.2% to 93%.

 Also, net exports of all products were put at 3.275 million b/d, up 720,000 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 8.9 million b/d, total gasoline production came in at 9.826 million b/d. Distillate demand was 3.9 million b/d, but production was 5.009 million b/d. -- Robert Sharp

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