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POST DOE WRAP: NYMEX crude rises after crude stock decrease
HOUSTON, April 18, 2018 (PCW) -- NYMEX crude and products were up sharply early Wednesday after government figures that showed a significant increase in crude stocks.
Total domestic product demand remained very good, up 5.7% on the year, and product exports were also strong. Weekly gasoline inventories drew down significantly as well.
Crude exports were markedly higher and crude production was essentially flat.
As of 10:12 am CDT, May NYMEX WTI rose $1.62/bbl to $68.14/bbl; May gasoline increased 2.18 cpg to 206.30 cpg; and May diesel pushed up 3.31 cpg to 209.20 cpg.
Crude inventories fall 1.1 million barrels
The US Energy Information Administration statistics for the week ending April 13 showed a 1.1 million barrel decrease in commercial crude inventories to 427.6 million barrels (“in the lower half of the average range,” per the EIA).
Domestic crude oil production was put at 10.540 million b/d, up 15,000 b/d for the week, and up 1.288 million b/d versus the same period last year.
Imports of crude were off 720,000 b/d to 7.9 million b/d on the week. Over the past four weeks, crude imports averaged 8.2 million b/d, up 2.7% compared to last year at this time.
Total gasoline imports were put at 705,000 b/d, up from 655,000 b/d last week; for the same period last year the figure was 843,000 b/d. Distillate imports were 103,000 b/d, down from 125,000 b/d on the week; the figure for last year was 167,000 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 20.8 million b/d, up 5.7% versus the same period last year.
Total gasoline inventories (including blendstocks) were down 3.0 million barrels to 236.0 million barrels (“in the upper half of the average range”), and 1.7 million barrels below last year. Gasoline demand was 9.4 million b/d over the past four weeks, up 0.7% from the same period last year.
Distillate stocks totaled 125.3 million barrels (in the lower half of the average range”), lower by 3.1 million barrels compared with last week, and 22.9 million barrels below last year. Distillate demand over the past four weeks was 4.2 million b/d, down 2.0% compared with the same period last year.
Propane stocks are flat
Propane/propylene inventories on the week were 35.9 million barrels (“in the lower half of the average range”), essentially flat the week, and lower by 3.8 million barrels versus last year.
Total US refinery crude inputs on the week averaged 16.9 million b/d, down by 70,000 b/d, to 92.4% of capacity, lower by 1.1 percentage points. In PADD 3 (the Gulf Coast) runs were off 1.7 percentage points to 92.4%.
Also, net exports of all products were 3.136 million b/d, up 16,000 b/d for the week, 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 10.204 million b/d. Distillate demand was 4.2 million b/d, production at 5.094 million b/d.
Crude exports rise 544,000 barrels
Exports of crude oil were 1.749 million b/d, up 544,000 b/d from last week; one year ago the figure was 565,000 b/d. -- Robert Sharp