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POST DOE WRAP: NYMEX falls on product stock build

HOUSTON, December 6, 2017 (PCW) -- NYMEX crude and products futures prices fell hard Wednesday, after government figures showed a big increase in gasoline stocks.

Domestic crude oil production remains healthy but product exports are strong; distillate and gasoline stocks increased but are still very low versus last year..

At the market's close, January NYMEX WTI was off $1.66/bbl at $55.96/bbl, January gasoline fell 5.75 cpg to 166.09 cpg, and January diesel decreased 5.26 cpg to 186.13 cpg.

Crude inventories fall 5.6 million barrels

The US Energy Information Administration statistics for the week ending December 1 showed a 5.6 million barrel decrease in commercial crude inventories to 448.1 million barrels (“in the upper half of the average range,” per the EIA).

Domestic crude oil production was put at 9.707 million b/d, up 25,000 for the week, and 1.010 million higher than the same period last year.

Imports of crude were off 127,000 b/d to 7.2 million on the week. Over the past four weeks, crude imports averaged 7.6 million b/d, down 4.9% compared to last year at this time.

Total gasoline imports were put at 488,000 b/d, off from 526,000 last week; for the same period last year the figure was 652,000. Distillate imports were 145,000 b/d, down from 120,000 on the week; the figure for last year was 106,000 b/d (typically the US imports products to the US East Coast and exports from the US Gulf Coast).

Total product demand rises 0.5%

Total product demand over the past four weeks was put at 19.7 million b/d, up 0.5% versus the same period last year.

Total gasoline inventories (including blendstocks) were up 6.8 million barrels at 220.9 million (“in the middle of the average range”), still 8.7 million below last year. Gasoline demand was 9.1 million b/d over the past four weeks, up 0.5% from the same period last year.

Distillate stocks totaled 129.4 million barrels ("in the lower half of the average range”), up 1.7 million, compared with last week, and 30.1 million below last year. Distillate demand over the past four weeks was 3.9 million b/d, up 0.6% compared with the same period last year.

Propane stocks rise 1.3 million barrels

Propane/propylene inventories were 74.5 million barrels (“in the middle of the average range”), up 1.3 million on the week, and lower by 24.8 million versus last year.

Total US refinery crude inputs on the week averaged 17.2 million b/d, up by 192,000, 93.8% of capacity, higher by 1.2% percentage points. In PADD 3 (the Gulf Coast) runs were up 0.4 percentage point to 94.8%.

Also, net exports of all products were put at 3.073 million b/d, off 1.072 million for the week, still a bulllish number. The US typically 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 9.758 million. Distillate demand was 3.9 million b/d, while production was 5.402 million.

Crude exports fall

Exports of crude oil were 1.358 million b/d, down from 1.412 million last week. One year ago the figure was 499,000.

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