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POST DOE WRAP: NYMEX crude, products fall after crude stock increase
HOUSTON, May 23, 2018 (PCW) -- NYMEX crude and products fell early Wednesday after government figures showed a large increase in crude stocks.
As of 10:11 am CDT, July NYMEX WTI fell $0.58/bbl to $71.44/bbl; July gasoline dropped 3 cpg to 223.36 cpg; and July diesel declined 0.92 cpg to 226.79 cpg.
Total domestic product demand remained strong, up 1.0% on the year. Product exports fell, but are still at robust levels. Inventories of gasoline and diesel are below last year's levels, but gasoline imports rose.
Crude inventories rise 5.8 million barrels
The US Energy Information Administration statistics for the week ending May 18 showed a 5.8 million barrel increase in commercial crude inventories to 438.1 million barrels (“in the lower half of the average range,” per the EIA).
Domestic crude oil production was put at 10.725 million b/d, up 2,000 b/d for the week, and up 1.405 million b/d versus the same period last year.
Imports of crude were up 558,000 b/d to 8.2 million b/d on the week. Over the past four weeks, crude imports averaged 7.9 million b/d, off 3.5% compared to last year at this time.
Total gasoline imports were put at 1.063 million b/d, up from 721,000 b/d last week; for the same period last year the figure was 725,000 b/d. Distillate imports were 24,000 b/d, down from 77,000 b/d on the week; the figure for last year was 101,000 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 1.5%
Total product demand over the past four weeks was put at 20.4 million b/d, up 1.5% versus the same period last year.
Total gasoline inventories (including blendstocks) were up 1.9 million barrels to 233.9 million (“in the upper half of the average range”), but 6.0 million barrels below last year. Gasoline demand was 9.5 million b/d over the past four weeks, up 1.0% from the same period last year.
Distillate stocks totaled 114 million barrels (in the lower half of the average range”), lower by 1 million barrels compared with last week, and 32.3 million barrels below last year. Distillate demand over the past four weeks was 4.2 million b/d, down 1.9% compared with the same period last year.
Propane stocks are up 700,000 barrels
Propane/propylene inventories on the week were 41.1 million barrels (“in the lower half of the average range”), higher by 700,000 b/d on the week and lower by 2.6 million b/d versus last year.
Total US refinery crude inputs on the week averaged 16.6 million b/d, down 7,000 b/d, to 91.8% of capacity. In PADD 3 (the Gulf Coast) runs were up 1.6 percentage points to 90.7%.
Net exports of all products were 2.274 million b/d, off 193,000 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 9.5 million b/d, total gasoline production came in at 10.052 million b/d. Distillate demand was 4.2 million b/d, production at 4.938 million b/d.
Crude exports fall 818,000 barrels
Exports of crude oil were 1.748 million b/d, down 818,000 b/d from last week; one year ago the figure was 625,000 b/d. -- Robert Sharp