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DOE WRAP: Oil, products mixed after crude stock increase
HOUSTON, July 5, 2018 (PCW) -- NYMEX crude and products were mixed early Wednesday after government figures showed a rise in crude inventories.
As of 10:20 am CDT, August NYMEX WTI was down $0.87/bbl to $73.27/bbl; Aug gasoline rose 1.64 cpg to 213.40 cpg and July diesel increased 1.50 cpg to 218.32 cpg.
Total domestic crude refinery inputs were off slightly but still a very high 17.7 million b/d. Crude exports were lower but still strong.
Crude inventories rise 1.2 million barrels
The US Energy Information Administration statistics for the week ended June 29 showed a 1.2 million barrel increase in commercial crude inventories to 417.9 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 1.562 million versus the same period last year.
Imports of crude were up 699,000 b/d to 9.1 million on the week. Over the past four weeks, crude imports averaged 8.4 million b/d, up 6.6% compared to last year at this time.
Total gasoline imports were put at 648,000 b/d, down from 988,000 b/d last week; for the same period last year the figure was 739,000 b/d. Distillate imports were 92,000 b/d, up from 54,000 b/d on the week; the figure for last year was 108,000 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 1.4%
Total product demand over the past four weeks was put at 20.9 million b/d, up 1.4% versus the same period last year.
Total gasoline inventories (including blendstocks) were off 1.5 million barrels to 239.7 million barrels (“6% above the five-year average”), and 2.4 million barrels above last year. Gasoline demand was 9.7 million b/d over the past four weeks, up 1.2% from the same period last year.
Distillate stocks totaled 117.6 million barrels (“13% below the five-year average”), up 100,000 barrels versus last week, and 34.8 million barrels below last year. Distillate demand over the past four weeks was 4.0 million b/d, off 3.5% compared with the same period last year.
Propane stocks are up 2.9 million barrels
Propane/propylene inventories on the week were 61.2 million barrels (“10% below the five-year average”), higher by 2.9 million barrels on the week and lower by 700,000 barrels versus last year.
Total US refinery crude inputs on the week averaged 17.7 million b/d, lower by 163,000 b/d, to 97.1% of capacity. In PADD 3 (the Gulf Coast) runs were essentially flat at 97.6%.
Net exports of all products were 2.8143 million b/d, a bullish number, but lower by 687,000 b/d on the week.
The US typically needs to export products to keep inventories manageable. While domestic gasoline demand was put at 9.7 million b/d, total gasoline production came in at 10.311 million; distillate demand was 4.0 million b/d, production at 5.463 million b/d.
Crude exports fall 664,000 barrels
Exports of crude oil were 2.336 million b/d, off 664,000 from last week; one year ago the figure was 768,000 b/d. -- Robert Sharp