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POST DOE WRAP: NYMEX crude falls as stocks build
HOUSTON, February 7, 2018 (PCW) -- NYMEX crude fell hard Wednesday, after government figures showed an increase in crude stocks. This is the second week in a row of crude stock increases, after almost three months of decreases.
Gasoline inventories rose with higher refinery inputs; total domestic product demand was very good, up 4.8%. Gasoline and diesel stocks still look low on a year to year basis.
As of 12:05 pm CST, March NYMEX WTI was down $1.97/bbl at $61.42/bbl; March gasoline fell 4.72 cpg to 175.80 cpg; and March diesel decreased 5.79 cpg to 192.72 cpg.
Crude inventories rise 1.9 million barrels
The US Energy Information Administration statistics for the week ending February 2 showed a 1.9 million barrel increase in commercial crude inventories to 420.3 million barrels (“in the middle of the average range,” per the EIA).
Domestic crude oil production was put at 10.251 million b/d, up 332,000 for the week, and up 1.273 million versus the same period last year.
Imports of crude were off 538,000 b/d to 7.9 million on the week. Over the past four weeks, crude imports averaged 8.1 million b/d, down 4.5% compared to last year at this time.
Total gasoline imports were put at 746,000 b/d, up from 509,000 last week; for the same period last year the figure was 811,000. Distillate imports were 313,000 b/d, down from 514,000 on the week; the figure for last year was 203,000 b/d (typically the US imports products to the US East Coast and exports from the US Gulf Coast).
Total product demand rises 4.8%
Total product demand over the past four weeks was put at 20.8 million b/d, up 4.8% versus the same period last year.
Total gasoline inventories (including blendstocks) were up 3.4 million barrels to at 245.5 million (“in the middle of the average range”), 10.7 million below last year. Gasoline demand was 8.9 million b/d over the past four weeks, up 6.5% from the same period last year.
Distillate stocks totaled 141.8 million barrels (in the middle of the average range”), higher by 3.9 million compared with last week, and 28.9 million below last year. Distillate demand over the past four weeks was 4.2 million b/d, up 8.9% compared with the same period last year.
Propane stocks fall 4.1 million barrels
Propane/propylene inventories on the week were 48.9 million barrels (“in the middle of the average range”), down 4.1 million on the week, and lower by 6.8 million versus last year.
Total US refinery crude inputs on the week averaged 16.8 million b/d, higher by 784,000, to 92.5% of capacity higher by 4.4 percentage points. In PADD 3 (the Gulf Coast) runs were up 6.1 percentage points to 92.7%.
Also, net exports of all products were put at 2.154 million b/d, up 85,000 for the week, a healthy number. The US typically needs to export products to keep inventories manageable.
While domestic gasoline demand was put at 8.9 million b/d, total gasoline production came in at 10.085 million. Distillate demand was 4.2 million b/d, production at 5.129 million.
Crude exports rise 354,000
Exports of crude oil were 1.287 million b/d, down from 1.765 million last week; one year ago the figure was 567,000. -- Robert Sharp