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POST DOE WRAP: Crude and products fall after oil stock increase

HOUSTON, June 6, 2018 (PCW) -- NYMEX crude and products fell early Wednesday, after government figures showed an increase in crude stocks.

As of 10:01 am CDT, July NYMEX WTI dropped $0.91/bbl to $64.61/bbl; July gasoline declined 4.28 cpg to 206.34 cpg; and July diesel slipped 2.26 cpg to 211.90 cpg.

Total domestic product demand remained very good, slightly higher than last year. Product exports rebounded and are robust. Inventories of gasoline built on the week but diesel was well below last year.

Crude inventories rise 2.1 million barrels

The US Energy Information Administration statistics for the week ended June 1 showed a 2.1 million barrel increase in commercial crude inventories to 436.6 million barrels (“in the lower half of the average range,” per the EIA).

Domestic crude oil production was put at 10.8 million b/d, up 31,000 for the week, and up 1.4282 million versus the same period last year.

Imports of crude were up 715,000 b/d to 8.3 million on the week. Over the past four weeks, crude imports averaged 7.9 million b/d, off 4.4% compared to last year at this time.

Total gasoline imports were put at 777,000 b/d, down from 959,000 last week; for the same period last year the figure was 787,000. Distillate imports were 146,000 b/d, down from 237,000 on the week; the figure for last year was 152,000 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 0.2%

Total product demand over the past four weeks was put at 20.1 million b/d, up 0.2% versus the same period last year.

Total gasoline inventories (including blendstocks) were up 4.6 million barrels to 239.0 million (“in the upper half of the average range”), but 2.6 million below last year. Gasoline demand was 9.5 million b/d over the past four weeks, down 1.1% from the same period last year.

Distillate stocks totaled 116.8 million barrels (in the lower half of the average range”), higher by 2.2 million barrels compared with last week, and 34.3 million below last year. Distillate demand over the past four weeks was 3.9 million b/d, down 2.6% compared with the same period last year.

Propane stocks are up 4 million barrels

Propane/propylene inventories on the week were 47.1 million barrels (“in the lower half of the average range”), higher by 4.0 million on the week and lower by 3.3 million versus last year.

Total US refinery crude inputs on the week averaged 17.4 million b/d, up 214,000, to 95.4% of capacity. In PADD 3 (the Gulf Coast) runs were up 1.2 percentage points to 94.6%.

Net exports of all products were 3.456 million b/d, up 1.473 million for the week, a bullish number. The US typically needs to export products to keep inventories manageable.

While domestic gasoline demand was put at 9.5 million b/d, total gasoline production came in at 9.658 million. Distillate demand was 3.9 million b/d, with production at 5.324 million.

Crude exports fall 465,000 barrels

Exports of crude oil were 2.179 million b/d, down 465,000 from last week; one year ago the figure was 557,000. -- Robert Sharp

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