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NYMEX futures prices mixed after US reports drop in oil stocks

HOUSTON, February 10, 2016 (PCW) -- NYMEX crude and products futures prices were mixed Wednesday after government figures showed a drop in crude stocks, but a build in gasoline and distillate inventories.

The US remains very long in crude, gasoline and diesel, but refiners are running less hard, and, exports of products were up. Also, crude production finally fell.

As of 10:17 am CST, March NYMEX WTI was down $0.12/bbl to 27.82/bbl; March gasoline was up 5.27 cpg to 95.16 cpg; and February diesel was up 0.13 cpg to 97.62 cpg.

The US Energy Information Administration weekly statistics for the week ending February 5 showed a 0.8 million barrel decrease in crude inventories, to 502.0 million barrels. Domestic crude oil production was put at 9.186 million b/d, down 28,000 for the week, also down 40,000 vs the same period last year.

Imports of crude were down 1.1 million b/d, to 7.1 million b/d. Over the past four weeks, crude imports were 7.7 million b/d, an increase of 5.0% compared to last year at this time.

The EIA noted (as it does every week) that those crude inventories are among the highest recorded in the last 80 years.

Total product demand over the past four weeks was put at 19.8 million b/d, up 0.3% versus the same period last year.

Gasoline inventories were up 1.3 million barrels, to 255.7 million barrels (“well above the upper limit of the average range, per the EIA”). Demand was 8.9 million b/d over the past four weeks, up 2.6% from the same period last year.

Distillate stocks were up 1.3 million barrels, to 161 million barrels (“near the upper limit of the average range,” per the EIA). Distillate demand over the past four weeks was down 15.8% to 3.6 million b/d compared to the same period last year.

Total US refinery inputs were 15.5 million b/d, down 105,000 compared to the previous week.

Inputs of crude oil nationwide to refineries on a percentage basis were lower by 0.5% on the week, put at 86.1 % of capacity, a low percentage. In the Gulf Coast (PADD 3), runs were up 1.6% to 84.7% also a low number).

Net exports of all products were put at 2.046 million b/d, up 155,000 for the week, and up 366,000 compared to last year; those numbers are bullish in that the US needs to export products to keep inventories manageable. -- Robert Sharp

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