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​POST DOE WRAP: NYMEX falls on increase in gasoline supplies

HOUSTON, December 13, 2017 (PCW) -- NYMEX crude and products futures prices fell early Wednesday, after government figures showed an increase in gasoline stocks.

Domestic crude oil production remains healthy and exports are strong; gasoline stocks have recovered post Harvey but distillates are still very low vs. last year. Twenty percent of the distillate market is heating oil, still a popular choice for homes in the northeast.

As of 10:12 am CST, January NYMEX WTI was off $0.18/bbl at $56.96/bbl; January gasoline fell 2.78 cpg to 166.98 cpg; and December diesel decreased 1.38 cpg to 191.98 cpg.

Crude inventories fall 5.1 million barrels

The US Energy Information Administration statistics for the week ended December 8 showed a 5.1 million barrel decrease in commercial crude inventories to 443.0 million barrels. It was the lowest level since the week ended Oct. 9, 2015.

Domestic crude oil production was put at 9.780 million b/d, up 73,000 for the week, and 984,000 higher than the same period last year.

Imports of crude were up 161,000 b/d to 7.4 million on the week. Over the past four weeks, crude imports averaged 7.4 million b/d, down 3.3% compared with last year at this time.

Total gasoline imports were put at 483,000 b/d, off from 488,000 last week; for the same period last year the figure was 624,000. Distillate imports were 149,000 b/d, up from 145,000 on the week; the figure for last year was 233,000 b/d (typically the US imports products to the US East Coast and exports from the US Gulf Coast).

Total product demand rises 2.1%

Total product demand over the past four weeks was put at 19.8 million b/d, up 2.1% versus the same period last year.

Total gasoline inventories (including blendstocks) were up 5.7 million barrels to at 226.5 million (“in the upper half of the average range”), only 3.5 million below last year. Gasoline demand was 9.1 million b/d over the past four weeks, up 1.6% from the same period last year.

Distillate stocks totaled 128.1 million barrels (in the lower half of the average range”), lower by 1.4 million, compared with last week, and 27.9 million below last year. Distillate demand over the past four weeks was 4.0 million b/d, up 2.3% compared with the same period last year.

Propane stocks rise 0.2 million barrels

Propane/propylene inventories on the week were 74.7 million barrels (“in the middle of the average range”), up 0.2 million on the week, but lower by 27.0 million versus last year.

Total US refinery crude inputs on the week averaged 17.0 million b/d, down by 243,000, 93.4% of capacity, lower by 0.4% percentage points. In PADD 3 (the Gulf Coast) runs were up 0.1 percentage points to 94.9%.

Also, net exports of all products were put at 2.286 million b/d, off 0.787 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 10.129 million. Distillate demand was 4.0 million b/d, production at 5.247 million.

Crude exports fall 272,000

Exports of crude oil were 1.086 million b/d, down from 1.358 million last week; one year ago the figure was 485,000. -- Robert Sharp

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