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POST DOE WRAP: NYMEX crude rises despite stock increase
HOUSTON, February 14, 2018 (PCW) -- NYMEX crude prices rose Wednesday, despite government figures that showed an increase in inventories. This is the third week in a row of crude stock increases, after almost three months of decreases.
Gasoline inventories rose despite lower refinery inputs; total domestic product demand remained very good, up 4.8% from a year ago. Product exports were very strong.
As of 12:35 pm CST, March NYMEX WTI was up 78 cents at $59.97/bbl, March gasoline was up 1.67 cpg at 170.20 cpg, and March diesel was up 3.40 cpg at 187.09 cpg.
Crude inventories rise 1.8 million barrels
The US Energy Information Administration statistics for the week ending February 9 showed a 1.8 million barrel increase in commercial crude inventories to 422.1 million barrels (“in the lower half of the average range,” per the EIA).
Domestic crude oil production was put at 10.271 million b/d, up 20,000 for the week, and up 1.294 million versus the same period last year.
Imports of crude were off 4,000 b/d to 7.9 million on the week. Over the past four weeks, crude imports averaged 8.1 million b/d, down 5.0% compared to last year at this time.
Total gasoline imports were put at 638,000 b/d, down from 746,000 last week; for the same period last year the figure was 604,000. Distillate imports were 236,000 b/d, down from 313,000 on the week; the figure for last year was 216,000 b/d (typically the US imports products to the US East Coast and exports from the US Gulf Coast).
Total product demand rises 6.9%
Total product demand over the past four weeks was put at 20.7 million b/d, up 6.9% versus the same period last year.
Total gasoline inventories (including blendstocks) were up 3.6 million barrels at 249.1 million (“in the upper half of the average range”), 10.0 million below last year. Gasoline demand was 9.0 million b/d over the past four weeks, up 6.5% from the same period last year.
Distillate stocks totaled 141.5 million barrels ("in the middle of the average range”), lower by 0.5 million compared with last week, and 28.7 million below last year. Distillate demand over the past four weeks was 4.2 million b/d, up 6.3% compared with the same period last year.
Propane stocks fall 3.3 million barrels
Propane/propylene inventories were at 45.6 million barrels (“in the middle of the average range”), down 3.3 million on the week, and lower by 3.1 million versus last year.
Total US refinery crude inputs on the week averaged 16.2 million b/d, lower by 635,000. Refinery utilization was at 89.8% of capacity, lower by 2.7 percentage points. In PADD 3 (the Gulf Coast) runs were off 3.3 percentage points to 89.4%.
Net exports of all products were healthy at 3.006 million b/d, up 842,000 for the week. The US typically needs to export products to keep inventories manageable.
While domestic gasoline demand was put at 9.0 million b/d, total gasoline production came in at 9.592 million. Distillate demand was 4.0 million b/d, against production at 4.811 million.
Crude exports drop 478,000
Exports of crude oil were 1.287 million b/d, down from 1.765 million last week but up sharply from 567,000 a year ago. -- Robert Sharp
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. -- Robert Sharp