Attend PetroChem Wire's FREE Half-Day Seminar in Houston
You are warmly invited to “Now More Than Ever,” PetroChemWire's FREE seminar in Houston.
With more material all along the US petrochemical value chain now available to the world, experts from PCW – the provider of benchmark olefins and polymers prices for the CME and ICE – will discuss the volatile petrochemicals space, managing price risk, feedstock economics and the impact of new capacities.
You can also network at our cocktail reception following the presentations.
Where: Hearsay on the Green, 1515 Dallas St., Houston TX 77010
When: 2-5 p.m., March 20, 2018 (Cocktail reception 4-5 p.m.)
Kathy Hall, CEO and Executive Editor, PCW
David Barry, Senior Editor, PCW
Robert Sharp, Senior Editor, PCW
Samantha Hartke, Product Manager, PCW
Trey Hamblett, VP of Chemicals Research, IIR Energy
POST DOE WRAP: Crude and products fall with crude supply increase
HOUSTON, February 28, 2018 (PCW) -- NYMEX crude fell Wednesday, after government figures showed an increase in crude stocks and gasoline.
Total domestic product demand remained healthy, as were exports of crude and products (although somewhat lower than earlier in the year).
As of 10:06 am CST, April NYMEX WTI was down $0.84/bbl at $62.17/bbl; April gasoline fell 3.57 cpg to 194.86 cpg; and March diesel dropped 1.89 cpg to 196.86 cpg.
Crude inventories rise 3.0 million barrels
The US Energy Information Administration statistics for the week ending February 16 showed a 3.0 million barrel increase in commercial crude inventories to 423.5 million barrels (“in the lower half of the average range,” per the EIA).
Domestic crude oil production was put at 10.283 million b/d, up 13,000 b/d for the week, and up 1.251 million b/d versus the same period last year.
Imports of crude were up 261,000 b/d to 7.3 million b/d on the week. Over the past four weeks, crude imports averaged 7.5 million b/d, down 8.1% compared to last year at this time.
Total gasoline imports were put at 446,000 b/d, up from 350,000 b/d last week; for the same period last year the figure was 457,000 b/d. Distillate imports were 207,000 b/d, down from 215,000 b/d on the week; the figure for last year was 209,000 b/d (typically the US imports products to the US East Coast and exports from the US Gulf Coast).
Total product demand rises 2.7%
Total product demand over the past four weeks was put at 20.4 million b/d, up 2.7% versus the same period last year.
Total gasoline inventories (including blendstocks) were up 2.5 million barrels to 251.8 million barrels (“in the upper half of the average range”), 4.1 million barrels below last year. Gasoline demand was 9.0 million b/d over the past four weeks, up 3.8% from the same period last year.
Distillate stocks totaled 138.0 million barrels (in the middle of the average range”), lower by 1.0 million barrels compared with last week, and 22.6 million barrels below last year. Distillate demand over the past four weeks was 4.0 million b/d, up 0.9% compared with the same period last year.
Propane stocks fall 400,000 barrels
Propane/propylene inventories on the week were 42.7 million barrels (“in the lower half of the average range”), down 400,000 barrels the week, and lower by 6.6 million barrels versus last year.
Total US refinery crude inputs on the week averaged 15.9 million b/d, higher by 49,000, b/d to 87.8% of capacity, lower by 0.3 percentage points. In PADD 3 (the Gulf Coast) runs were off 1.8 percentage points to 87.0%.
Also, net exports of all products were put 2.401 million b/d, off 391,000 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 9.0 million b/d, total gasoline production came in at 9.391 million. Distillate demand was 4.0 million b/d, production at 4.469 million b/d.
Crude exports fall 599,000 barrels
Exports of crude oil were 1.445 million b/d, off from 2.044million b/d last week; one year ago the figure was 721,000 b/d. -- Robert Sharp