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POST DOE WRAP: NYMEX crude increases as stocks fall
HOUSTON, January 24, 2018 (PCW) -- NYMEX crude spiked early Wednesday, after government figures once again showed a decrease in crude stocks.
Crude stocks remain at their lowest level since February 2015. Refinery inputs were lower but still firm; total domestic product demand was very good, up 8.1%.
Exports fell but are still strong; domestic gasoline stocks are now low versus last year.
As of 9:52 am CST, March NYMEX WTI was up $0.72/bbl at $65.19/bbl; March gasoline fell 0.11 cpg to 190.64 cpg; and March diesel increased 0.91 cpg to 209.14 cpg.
Crude inventories fall 1.1 million barrels
The US Energy Information Administration statistics for the week ending January 19 showed a 1.1 million barrel decrease in commercial crude inventories to 411.6 million barrels (“in the middle of the average range,” per the EIA).
Domestic crude oil production was put at 9.878 million b/d, up 128,000 for the week, and up 917,000 versus the same period last year.
Imports of crude were up 91,000 b/d to 8.0 million on the week. Over the past four weeks, crude imports averaged 7.9 million b/d, down 2.5% compared to last year at this time.
Total gasoline imports were put at 575,000 b/d, up from 396,000 last week. For the same period last year the figure was 593,000. Distillate imports were 251,000 b/d, down from 147,000 on the week; the figure for last year was 159,000 b/d (typically the US imports products to the US East Coast and exports from the US Gulf Coast).
Total product demand rises 8.1%
Total product demand over the past four weeks was put at 20.5 million b/d, up 8.1% versus the same period last year.
Total gasoline inventories (including blendstocks) were up 3.1 million barrels at 244.0 million (“in the middle of the average range”), 9.2 million below last year. Gasoline demand averaged 8.7 million b/d over the past four weeks, up 5.4% from the same period last year.
Distillate stocks totaled 139.8 million barrels (in the lower half of the average range”), higher by 0.6 million compared with last week, and 29.3 million below last year. Distillate demand over the past four weeks was 4.0 million b/d, up 15.3% compared with the same period last year.
Propane stocks fall 4.0 million barrels
Propane/propylene inventories on the week were 54.0 million barrels (“in the lower half of the average range”), down 4.0 million on the week, and lower by 14.2 million versus last year.
Total US refinery crude inputs on the week averaged 16.5 million b/d, lower by 392,000, 90.9% of capacity, lower by 2.1 percentage points. In PADD 3 (the Gulf Coast) runs were down 2.1 percentage points to 92.6%.
Also, net exports of all products were put at 2.553 million b/d, down 969,000 for the week, but still a bulllish number. The US typically needs to export products to keep inventories manageable.
While domestic gasoline demand was put at 8.7 million b/d, total gasoline production came in at 9.358 million. Distillate demand was 4.0 million b/d, against production at 4.827 million.
Crude exports rise 162,000
Exports of crude oil were 1.411 million b/d, up from 1.249 million last week; one year ago the figure was 599,000.