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POST DOE WRAP: NYMEX crude rises with stock draw and near record export

HOUSTON, February 22, 2018 (PCW) -- NYMEX crude rose Thursday after government figures showed a decrease in crude stocks and a near record in crude exports.

Gasoline inventories rose slightly; total domestic product demand remained very strong as were exports of products.

As of 10:40 am CST, March NYMEX WTI was up $1.06/bbl at $62.74/bbl; March gasoline rose 1.35 cpg to 177.08 cpg; and March diesel increased 2.07 cpg to 195.30 cpg.

Crude inventories fall 1.6 million barrels

The US Energy Information Administration statistics for the week ended February 16 showed a 1.6 million barrel decrease in commercial crude inventories to 420.5 million barrels (“in the lower half of the average range,” per the EIA).

Exports of crude oil were a record 2.044 million b/d, up from 1.322 million last week; one year ago the figure was 1.211 million.

Domestic crude oil production was put at 10.270 million b/d, down 1,000 for the week, and up 1.269 million versus the same period last year.

Imports of crude were off 867,000 b/d to 7.0 million on the week. Over the past four weeks, crude imports averaged 7.8 million b/d, down 6.6% compared to last year at this time.

Total gasoline imports were put at 350,000 b/d, down from 638,000 last week; for the same period last year the figure was 367,000. Distillate imports were 243,000 b/d, up from 236,000 on the week; the figure for last year was 129,000 b/d (typically the US imports products to the US East Coast and exports from the US Gulf Coast).

Total product demand rises 4.3%

Total product demand over the past four weeks was put at 20.6 million b/d, up 4.3% versus the same period last year.

Total gasoline inventories (including blendstocks) were up 300,000 barrels to at 249.3 million (“in the upper half of the average range”), 7.1 million below last year. Gasoline demand was 9.1 million b/d over the past four weeks, up 5.4% from the same period last year.

Distillate stocks totaled 138.9 million barrels (in the middle of the average range”), lower by 2.5 million compared with last week, and 26.2 million below last year. Distillate demand over the past four weeks was 4.1 million b/d, up 4.3% compared with the same period last year.

Propane stocks fall 2.5 million barrels

Propane/propylene inventories on the week were 43.1 million barrels (“in the lower half of the average range”), down 2.5 million on the week, and lower by 6.8 million versus last year.

Total US refinery crude inputs on the week averaged 15.8 million b/d, lower by 329,000, to 88.1% of capacity, lower by 1.7 percentage points. In PADD 3 (the Gulf Coast) runs were off 2.6 percentage points to 86.8%.

Also, net exports of all products were put 2.792 million b/d, off 214,000 for the week, still a healthy 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 10.107 million. Distillate demand was 4.1 million b/d, production at 4.489 million. -- Robert Sharp

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