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POST DOE WRAP: NYMEX crude falls with stock increase.
HOUSTON, March 28, 2018 (PCW) -- NYMEX crude fell early Wednesday after government figures showed an increase in crude stocks. NYMEX gasoline was essentially flat and diesel declined.
Total domestic product demand remained very good, up 5.7% on the year, and exports were strong as well. Weekly gasoline inventories dropped again, but are at parity to last year.
As of 10:02 am CDT, May NYMEX WTI fell $0.85/bbl to $64.40/bbl; May gasoline rose 0.02 cpg to 202.12 cpg; and May diesel fell 0.84 cpg to 201.58 cpg.
Crude inventories rise 1.6 million barrels
The US Energy Information Administration statistics for the week ended March 23 showed a 1.6 million barrel increase in commercial crude inventories to 429.9 million barrels (“in the lower half of the average range,” per the EIA).
Domestic crude oil production was put at 10.433 million b/d, up 26,000 b/d for the week, and up 1.286 million b/d versus the same period last year.
Imports of crude increased 1.1 million b/d to 8.1 million b/d on the week. Over the past four weeks, crude imports averaged 7.7 million b/d, down 4.0% compared with last year at this time.
Total gasoline imports were put at 685,000 b/d, a gain from 544,000 b/d last week; for the same period last year the figure was 521,000 b/d. Distillate imports were 150,000 b/d, up from 122,000 b/d on the week; the figure for last year was 115,000 b/d (typically the US imports the greatest volume of products to the US East Coast and exports from the US Gulf Coast with some exports from the US West Coast, and at times, the East Coast).
Total product demand rises 5.7%
Total product demand over the past four weeks was put at 20.7 million b/d, up 5.7% versus the same period last year.
Total gasoline inventories (including blendstocks) were down 3.5 million barrels to 239.6 million barrels (“in the upper half of the average range”), and 100,000 barrels below last year. Gasoline demand was 9.4 million b/d over the past four weeks, up 0.5% from the same period last year.
Distillate stocks totaled 129 million barrels ("in the lower half of the average range”), down by 2.1 million barrels compared with last week, and 24.0 million below last year. Distillate demand over the past four weeks was 4.0 million b/d, down 4.1% compared with the same period last year.
Propane stocks fall 1.2 million barrels
Propane/propylene inventories on the week were 35.6 million barrels (“in the lower half of the average range”), down 1.2 million barrels on the week, and lower by 4.2 million barrels versus last year.
Total US refinery crude inputs on the week averaged 16.8 million b/d, higher by 18,000 b/d, to 92.3% of capacity, a gain of 0.6 percentage points. In PADD 3 (the Gulf Coast) runs were up 0.5 percentage points to 93.1%.
Also, net exports of all products were 2.747 million b/d, off 389,00 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 9.4 million b/d, total gasoline production came in at 10.305 million b/d. Distillate demand was 4 million b/d, production was at 4.844 million b/d.
Crude exports rise 5,000 barrels
Exports of crude oil were 1.578 million b/d, up from 1.573 million b/d last week; one year ago the figure was 1.010 million b/d. -- Robert Sharp