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POST DOE WRAP: NYMEX crude and products mixed after crude stock increase
HOUSTON, May 2, 2018 (PCW) -- NYMEX crude and products were mixed early Wednesday after government figures showed a large increase in crude stocks.
Total domestic product demand remained very good, however, up 2.7% on the year. Product exports fell but are still healthy.
Weekly gasoline inventories built, but are still below last year's levels.
Crude exports fell but are still high; crude production was essentially flat.
As of 10:08 am CDT, June NYMEX WTI rose $0.19/bbl to $67.44/bbl; June gasoline fell 1.48 cpg to 202.28 cpg; and June diesel increased 0.70 cpg to 210.67 cpg.
Crude inventories rise 6.2 million barrels
The US Energy Information Administration statistics for the week ending April 27 showed a 6.2 million barrel increase in commercial crude inventories to 436.0 million barrels (“in the lower half of the average range,” per the EIA).
Domestic crude oil production was put at 10.619 million b/d, up 33,000 b/d for the week, and up 1.326 million b/d versus the same period last year.
Imports of crude were up 80,000 b/d to 8.5 million b/d on the week. Over the past four weeks, crude imports averaged 8.4 million b/d, up 2.2% compared to last year at this time.
Total gasoline imports were put at 923,000 b/d, up from 896,000 b/d last week; for the same period last year the figure was 693,000. Distillate imports were 76,000 b/d, down from 123,000 on the week; the figure for last year was 112,000 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 2.7%
Total product demand over the past four weeks was put at 20.1 million b/d, up 2.7% versus the same period last year.
Total gasoline inventories (including blendstocks) were up 1.2 million barrels to 238.0 million barrels (“in the upper half of the average range”), but 3.3 million barrels below last year. Gasoline demand was 9.3 million b/d over the past four weeks, up 1.2% from the same period last year.
Distillate stocks totaled 118.8 million barrels (in the lower half of the average range”), lower by 3.9 million barrels compared with last week, and 31.5 million barrels below last year. Distillate demand over the past four weeks was 4.2 million b/d, up 0.1% compared with the same period last year.
Propane stocks are up 700,000 barrels
Propane/propylene inventories on the week were 36.4 million barrels (“in the lower half of the average range”), higher by 700,000 barrels, and lower by 3.3 million barrels versus last year.
Total US refinery crude inputs on the week averaged 16.6 million b/d, down by 60,000 b/d, to 91.1% of capacity. In PADD 3 (the Gulf Coast) runs were off 0.2 percentage points to 91.0%.
Also, net exports of all products were 2.780 million b/d, down 1.70 million 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 9.3 million b/d, total gasoline production came in at 10.056 million b/d. Distillate demand was 4.2 million b/d, production at 4.995 million b/d.
Crude exports rise 582,000 barrels
Exports of crude oil were 2.148 million b/d, down 183,000 b/d from last week; one year ago the figure was 538,000 b/d. -- Robert Sharp