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POST DOE WRAP: NYMEX crude and products fall after crude stock increase
HOUSTON, April 25, 2018 (PCW) -- NYMEX crude and products were lower early Wednesday after government figures showed an increase in crude stocks.
Total domestic product demand remained very good, however, up 4.3% on the year, and product exports were among the highest ever recorded.
Weekly gasoline inventories built, but are well below last year's levels.
Crude exports were at an all-time high and crude production was essentially flat.
As of 10:09 am CDT, June NYMEX WTI dropped $0.07/bbl to $67.63/bbl; June gasoline fell 1.39 cpg to 208.57 cpg; and May diesel decreased 0.31 cpg to 211.52 cpg.
Crude inventories rise 2.2 million barrels
The US Energy Information Administration statistics for the week ended April 20 showed a 2.2 million barrel increase in commercial crude inventories to 429.7 million barrels (“in the lower half of the average range,” per the EIA).
Domestic crude oil production was put at 10.586 million b/d, up 46,000 b/d for the week, and up 1.321 million b/d versus the same period last year.
Imports of crude were up 539,000 b/d to 8.2 million b/d on the week. Over the past four weeks, crude imports averaged 8.2 million b/d, up 1.5% compared with last year at this time.
Total gasoline imports were put at 896,000 b/d, up from 705,000 b/d last week; for the same period last year the figure was 916,000 b/d. Distillate imports were 123,000 b/d, up from 103,000 b/d on the week; the figure for last year was 54,000 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 4.3%
Total product demand over the past four weeks was put at 20.4 million b/d, up 4.3% versus the same period last year.
Total gasoline inventories (including blendstocks) were up 800,000 barrels to 236.8 million barrels (“in the upper half of the average range”), and 4.2 million barrels below last year. Gasoline demand was 9.4 million b/d over the past four weeks, up 1.3% from the same period last year.
Distillate stocks totaled 122.7 million barrels (in the lower half of the average range”), lower by 3.1 million barrels compared with last week, and 28.2 million barrels below last year. Distillate demand over the past four weeks was 4.0 million b/d, down 2.5% compared with the same period last year.
Propane stocks are off 200,000 barrels
Propane/propylene inventories on the week were 35.7 million barrels (“in the lower half of the average range”), down by 200,000 barrels, and lower by 3.9 million barrels versus last year.
Total US refinery crude inputs on the week averaged 16.6 million b/d, down by 328,000 b/d, to 90.8% of capacity, lower by 1.6 percentage points. In PADD 3 (the Gulf Coast) runs were off 1.2 percentage points to 91.2%.
Also, net exports of all products were 3.950 million b/d, up 814,000 b/d for the week, an extremely 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 9.947 million b/d. Distillate demand was 4.0 million b/d, production at 4.977 million b/d.
Crude exports rise 582,000 barrels
Exports of crude oil were 2.331 million b/d, up 582,000 b/d from last week; one year ago the figure was 1.152 million b/d. -- Robert Sharp