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POST DOE WRAP: NYMEX futures mixed after crude inventory increase

HOUSTON, December 29, 2016 (PCW) -- NYMEX crude and products futures prices were mixed early Wednesday after government figures showed an increase in crude stocks.

As of 10:31 am CST, February NYMEX WTI fell $0.03/bbl to $54.03/bbl; February gasoline was up 1.37 cpg to 168.94 cpg and February diesel was up 1.46 cpg to 173.17 cpg.

The US Energy Information Administration statistics for the week ending December 23 showed a 600,000 barrel increase in crude inventories to 486.1 million barrels (“near the upper limit of the average range,” per the EIA). Domestic crude oil production was put at 8.706 million b/d, down 20,000 b/d for the week, and 436,000 b/d lower versus the same period last year.

Gasoline imports down to 434,000 b/d

Total product demand over the past four weeks was put at 19.9 million b/d, down 1.5% versus the same period last year.

Total gasoline inventories (including blendstocks) were off 1.6 million barrels to 227.1 million barrels (“well above the upper limit of the average range,” per the EIA), 5.7 million barrels over last year. Demand was 9.0 million b/d over the past four weeks, down 2.8% from the same period last year.

Distillate stocks fall 1.9m barrels

Distillate stocks were put at 151.8 million barrels, 1.9 million barrels below last week, and 1.5 million barrels over last year. Distillate demand over the past four weeks was 4.1 million b/d, up 12.7% compared to the same period last year.

Propane/propylene inventories were at 86.9 million barrels (still “in the upper half of the average range”), down 5.7 million barrels on the week, and down 10.9 million barrels versus last year.

Total US refinery inputs averaged 16.6 million b/d, down 101,000 b/d compared to the previous week. Inputs of crude oil nationwide to refineries on a percentage basis were down 0.5% on the week, put at 91.0% of capacity. In the Gulf Coast (PADD III), inputs were up 0.6% to 94.8%.

Exports rise 1.038m b/d

Also, net exports of all products were put at 4.158 million b/d, up 1.038 million 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 9.0 million b/d, total gasoline production came in 10.537 million b/d. Distillate demand was 4.1 million b/d, but production was 4.957 million b/d.-- Robert Sharp

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