New From PetroChem Wire . . . .
NGLs Week is PetroChem Wire's comprehensive summary of price trends, upstream and downstream costs, operations news and supply/demand forecasts. The report contains everything you'll need to understand what's happening in the NGL markets.
For more information, click here.
For all of our products and services,
POST DOE WRAP: Crude and products flat despite crude draw
HOUSTON, July 25, 2018 (PCW) -- NYMEX crude and products were mixed early Wednesday after government figures showed a steep fall in crude inventories.
As of 10:03 am CDT, September NYMEX WTI was down $0.21/bbl to $68.31/bbl; Aug gasoline fell 0.08 cpg to 209.48 cpg and August diesel rose 0.12 cpg to 213.38 cpg.
Imports of crude are down and exports are up; gasoline looks well supplied, but diesel inventories have not built significantly.
Crude inventories fall 6.1 million barrels
The US Energy Information Administration statistics for the week ending July 20 showed a 6.1 million barrel decrease in commercial crude inventories to 404.9 million barrels (“3% below the five-year average” per the EIA). It was the lowest level since the week ended Feb. 20, 2015.
Domestic crude oil production was put at 11 million b/d, essentially flat on the week and up 1.590 million b/d versus the same period last year.
Imports of crude were down 1.296 million b/d to 7.8 million b/d on the week. Over the past four weeks, crude imports averaged 8.3 million b/d, up 6.1% compared to last year at this time.
Total gasoline imports were put at 844,000 b/d, up from 657,000 last week; for the same period last year the figure was 723,000 b/d. Distillate imports were 207,000 b/d, up from 140,000 b/d on the week; the figure for last year was 130,000 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 falls 0.6%
Total product demand over the past four weeks was put at 21.0 million b/d, down 0.6% versus the same period last year.
Total gasoline inventories (including blendstocks) were off 2.3 million barrels to 233.5 million barrels (“4% above the five-year average”), and 3.3 million barrels above last year. Gasoline demand was 9.7 million b/d over the past four weeks, down 0.5% from the same period last year.
Distillate stocks totaled 121.2 million barrels (“13% below the five-year average”), down 1,000 barrels on the week, and 28.4 million barrels below last year. Distillate demand over the past four weeks was 4.1 million b/d, off 3.9% compared with the same period last year.
Propane stocks are fall 800,000 barrels
Propane/propylene inventories on the week were 64.5 million barrels (“12% below the five-year average”), down 800,000 barrels on the week and 1.5 million barres lower versus last year.
Total US refinery crude inputs on the week averaged 17.3 million b/d, up 46,000 b/d to 93.8% of capacity. In PADD 3 (the Gulf Coast) runs were lower by 1.6% percentage points to 92.6% of capacity.
Net exports of all products were 2.883 million b/d, up 96,000 b/d on the week, a moderately bullish number.
The US 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 10.255 million b/d; distillate demand was 4.1 million b/d, production at 5.157 million b/d.
Crude exports fall 566,000 barrels
Exports of crude oil were 2.683 million b/d, up 1.221 million b/d from last week; one year ago the figure was 1.030 million b/d. -- Robert Sharp