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, products rise even with crude supply gain
HOUSTON, March 14, 2018 (PCW) -- NYMEX crude and products rose early Wednesday, despite government figures that showed an increase in crude stocks.
Total domestic product demand remained very good and exports were up as well. Gasoline inventories on a weekly basis fell hard and are once again below year-ago levels, headed into the driving season.
As of 10:02 am CDT, April NYMEX WTI rose $0.11/bbl at $60.82/bbl; April gasoline rose 2.45 cpg to 191.08 cpg; and March diesel increased 0.99 cpg to 188.38 cpg.
Crude inventories rise 5 million barrels
The US Energy Information Administration statistics for the week ending March 9 showed a 5 million barrel increase in commercial crude inventories to 430.9 million (“in the lower half of the average range,” per the EIA).
Domestic crude oil production was put at 10.381 million b/d, up 12,000 b/d for the week, and up 1.272 million b/d versus the same period last year.
Imports of crude were off 418,000 b/d to 7.6 million b/d on the week. Over the past four weeks, crude imports averaged 7.5 million b/d, down 1.8% compared with last year at this time.
Total gasoline imports were put at 604,000 b/d, down from 608,000 b/d last week; for the same period last year the figure was 572,000 b/d. Distillate imports were 233,000 b/d, down from 265,000 b/d on the week; the figure for past year was 79,000 b/d (typically the US imports products to the US East Coast and exports from the US Gulf Coast).
Total product demand rises 3.2%
Total product demand over the past four weeks was put at 20.4 million b/d, up 3.2% versus the same period last year.
Total gasoline inventories (including blendstocks) were down 6.3 million barrels to 244.8 million barrels (“in the upper half of the average range”), and 1.5 million barrels below last year. Gasoline demand was 9.2 million b/d over the past four weeks, up 2.5% from the same period last year.
Distillate stocks totaled 133.1 million barrels (in the lower half of the average range”), lower by 4.4 million barrels compared with last week, and 24.2 million barrels below last year. Distillate demand over the past four weeks was 4.0 million b/d, down 4.2% compared with the same period last year.
Propane stocks fall 2.3 million barrels
Propane/propylene inventories on the week were 38.8 million barrels (“in the lower half of the average range”), down 2.3 million barrels on the week, and lower by 7.6 million barrels versus last year.
Total US refinery crude inputs on the week averaged 16.4 million b/d, higher by 432,000 b/d, to 90% of capacity, higher by 2 percentage points. In PADD 3 (the Gulf Coast) runs were up 2 percentage points to 89.8%.
Also, net exports of all products were put 3.165 million b/d, up 844,000 b/d for the week, still a bullish number. The US typically needs to export products to keep inventories manageable.
While domestic gasoline demand was put at 9.2 million b/d, total gasoline production came in at 10.280 million b/d. Distillate demand was 4.0 million b/d, production at 4.478 million b/d.
Crude exports fall 11,000 barrels
Exports of crude oil were 1.487 million b/d, off from 1.498 million b/d last week; one year ago the figure was 717,000 b/d. -- Robert Sharp