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POST DOE WRAP: Oil, products rocket higher on crude draw

HOUSTON, June 27, 2018 (PCW) -- NYMEX crude and products shot higher early Wednesday, after government figures showed a steep drop in crude inventories.

As of 9:53 am CDT, August NYMEX WTI was up $1.75/bbl to $72.28/bbl; Aug gasoline rose 4.71 cpg to 210.38 cpg, and July diesel increased 4.49 cpg to 217.92 cpg.

Total domestic crude refinery inputs were an all time record, 17.816 million b/d. Crude exports were strong as well.

The US Energy Information Administration statistics for the week ending June 22 showed 9.9 million barrel decrease in commercial crude inventories to 416.6 million barrels (“4% 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 1.65 million versus the same period last year.

Imports of crude were up 114,000 b/d to 8.4 million on the week. Over the past four weeks, crude imports averaged 8.3 million b/d, up 2.4% compared to last year at this time.

Total gasoline imports were put at 988,000 b/d, up from 850,000 last week; for the same period last year the figure was 571,000. Distillate imports were 54,000 b/d, up from 49,000 on the week; the figure for last year was 139,000 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 up 1.5%

Total product demand over the past four weeks was put at 20.2 million b/d, up 1.5% versus the same period last year.

Total gasoline inventories (including blendstocks) were up 1.2 million barrels to 241.2 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 0.1.% from the same period last year.

Distillate stocks totaled 117.4 million barrels (“14% below the five-year average”), flat compared with last week, and 34.8 million below last year. Distillate demand over the past four weeks was 3.8 million b/d, off 2.5% compared with the same period last year.

Propane stocks are up 4.3 million barrels

Propane/propylene inventories on the week were 58.4 million barrels (“12% below the five-year average”), higher by 4.3 million on the week and lower by 100,000 versus last year.

Total US refinery crude inputs on the week averaged 17.816 million b/d, up 178,000, to 97.5% of capacity. In PADD 3 (the Gulf Coast) runs were higher by 0.5% percentage points to 97.6%.

Net exports of all products were 3.5 million b/d, a bullish number, higher by 174,000 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 10.124 million; distillate demand was 3.8 million b/d, production at 5.396 million.

Crude exports rise 626,000 barrels

Exports of crude oil were 3 million b/d, up 626,000 from last week; one year ago the figure was 526,000.       -- Robert Sharp

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