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POST DOE WRAP: Crude and products rise after oil stocks drop

HOUSTON, August 22, 2018 (PCW) -- NYMEX crude and products shot higher early Wednesday after government figures showed a dramatic fall in crude inventories.

As of 10:04 am CDT, September NYMEX WTI was pushed higher by $1.63/bbl to $67.47/bbl; September gasoline rose 4.42 cpg to 206.21 cpg, and September diesel increased 4.16 cpg to 216.51 cpg.

Crude imports were much lower, and crude inputs to refineries were again extraordinarily high.

Gasoline stocks rose and it seems well supplied; diesel stocks, while low versus last year also showed again a healthy build.

Crude inventories drop 5.8 million barrels

The US Energy Information Administration statistics for the week ending August 17 showed a 5.8 million barrel decrease in commercial crude inventories to 408.4 million barrels (“equal to the five-year average” per the EIA).

Domestic crude oil production was put at 11 million b/d, up 100,000 on the week and up 1.472 million versus the same period last year.

Imports of crude were off 1.496 million b/d to 7.5 million on the week. Over the past four weeks, crude imports averaged 8.1 million b/d, down 2.2% compared to last year at this time.

Total gasoline imports were put at 817,000 b/d, up from 663,000 last week; for the same period last year the figure was 555,000. Distillate imports were 145,000 b/d, down from 174,000 on the week; the figure for last year was 132,000 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 1.1%

Total product demand over the past four weeks was put at 20.8 million b/d, off 1.1% versus the same period last year.

Total gasoline inventories (including blendstocks) were up 1.2 million barrels to 234.3 million (“6% above the five-year average”), and 4.4 million above last year. Gasoline demand was 9.5 million b/d over the past four weeks, down 1.5% from the same period last year.

Distillate stocks totaled 130.8 million barrels (“7% below the five-year average”), up 1.8 million on the week, but 17.6 million below last year. Distillate demand over the past four weeks was 3.9 million b/d, off 7.7% compared with the same period last year.

Propane stocks fall 900,000 barrels

Propane/propylene inventories on the week were 68.8 million barrels (“13% below the five-year average”), down 900,000 on the week and down 3.3 million versus last year.

Total US refinery crude inputs on the week averaged 17.9 million b/d, lower by 89,000 b/d to 98.1% of capacity. In PADD 3 (the Gulf Coast) runs were off 0.3% percentage points to 98.4% of capacity.

Net exports of all products were 2.77 million b/d, up down 400,000 on the week, still a bullish number.

The US 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 10.151 million; distillate demand was 3.9 million b/d, production at 5.246 million.

Crude exports fall 258,000 barrels

Exports of crude oil were 1.155 million b/d, off 437,000 from last week; one year ago the figure was 936,000. -- Robert Sharp

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