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POST DOE WRAP: Crude, products mixed on oil draw and products build

HOUSTON, June 20, 2018 (PCW) -- NYMEX crude and products were mixed early Wednesday, after government figures showed a fall in crude inventories, but a build in gasoline and diesel.

As of 10:04 am CDT, July NYMEX WTI rose $0.73/bbl to $65.80/bbl; July gasoline fell 1.94 cpg to 201.85 cpg, and July diesel dropped 1.17 cpg to 211.01 cpg.

Total domestic product demand remained good, however, 0.9% higher than last year. Product exports recovered from a low number last week, and are solidly bullish.

Crude inventories fall 5.9 million barrels

The US Energy Information Administration statistics for the week ended June 15 showed a 5.9 million barrel decrease in commercial crude inventories to 426.5 million barrels (“2% below the five-year average” per the EIA).

Domestic crude oil production was put at 10.9 million b/d, essentially flat for the week, and up 1.55 million versus the same period last year.

Imports of crude were up 143,000 b/d to 8.2 million on the week. Over the past four weeks, crude imports averaged 8.1 million b/d, up 0.3% compared to last year at this time.

Total gasoline imports were put at 850,000 b/d, up from 824,000 last week; for the same period last year the figure was 909,000. Distillate imports were 49,000 b/d, down from 104,000 on the week; the figure for last year was 87,000 b/d (typically the US imports the greatest volume of products to the US East Coast and exports from the US Gulf Coast).

Total product demand rises 0.9%

Total product demand over the past four weeks was put at 20.3 million b/d, up 0.9% versus the same period last year.

Total gasoline inventories (including blendstocks) were up 3.3 million barrels to 240.0 million (“6% above the five-year average”), and 1.8 million below last year. Gasoline demand was 9.5 million b/d over the past four weeks, down 0.9.% from the same period last year.

Distillate stocks totaled 117.4 million barrels (“14% below the five-year average”), higher by 2.7 million barrels compared with last week, and 35.1 million below last year. Distillate demand over the past four weeks was 4 million b/d, up 2% compared with the same period last year.

Propane stocks are up 3.2 million barrels

Propane/propylene inventories on the week were 54.1 million barrels (“15% below the five-year average”), higher by 3.2 million on the week and lower by 500,000 versus last year.

Total US refinery crude inputs on the week averaged 17.7 million b/d, up 196,000, to 96.7% of capacity. In PADD 3 (the Gulf Coast) runs were up 2.3 percentage points to 97.1%.

Net exports of all products were 3.326 million b/d, a bullish number, higher by 1.257 million on the week.

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 10.099 million; distillate demand was 4.0 million b/d, production at 5.468 million.

Crude exports rise 344,000 barrels

Exports of crude oil were 2.374 million b/d, up 344,000 from last week; one year ago the figure was 517,000. -- Robert Sharp

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