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

HOUSTON, August 29, 2018 (PCW) -- NYMEX crude and products were higher early Wednesday after government figures showed a draw in crude inventories.

As of 9:59 am CDT, October NYMEX WTI was higher by $0.53/bbl to $69.06/bbl; October gasoline rose 0.5 cpg to 198.01 cpg, and October diesel increased 1.1 cpg to 222.8 cpg.

Refinery crude inputs were off 3.6% in the Gulf Coast, but are at 100% in the Midcontinent.

Gasoline stocks fell on the week but are up versus last year; diesel stocks are low versus last year and also showed a draw.

Crude inventories drop 2.6 million barrels

The US Energy Information Administration statistics for the week ended August 24 showed a 2.6 million barrel decrease in commercial crude inventories to 405.8 million barrels (“equal to the five-year average” per the EIA).

Domestic crude oil production was put at 11 million b/d, unchanged on the week and up 1.470 million b/d versus the same period last year.

Imports of crude were off 33,000 b/d to 7.5 million b/d on the week. Over the past four weeks, crude imports averaged 8 million b/d, down 1.9% compared with last year at this time.

Total gasoline imports were put at 866,000 b/d, up from 817,000 b/d last week; for the same period last year the figure was 839,000 b/d. Distillate imports were 274,000 b/d, up from 145,000 b/d on the week. The figure for last year was 84,000 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 0.2%

Total product demand over the past four weeks was put at 21.2 million b/d, off 0.2% versus the same period last year.

Total gasoline inventories (including blendstocks) dropped 1.6 million barrels to 232.8 million (“5% above the five-year average”), and 2.8 million barrels above last year. Gasoline demand was 9.6 million b/d over the past four weeks, down 1.5% from the same period last year.

Distillate stocks totaled 130 million barrels (“12% below the five-year average”), up 1.6 million barrels on the week, but 19.2 million barrels below last year. Distillate demand over the past four weeks was 4.1 million b/d, off 1.5% compared with the same period last year.

Propane stocks rise 2.6 million barrels

Propane/propylene inventories on the week were 71.4 million barrels (“12% below the five-year average”), up 2.6 million barrels on the week and down 2.2 million barrels versus last year.

Total US refinery crude inputs on the week averaged 17.6 million b/d, lower by 326,000 b/d to 96.3% of capacity. In PADD 3 (the Gulf Coast) runs were off 3.6% to 95.8% of capacity.

Net exports of all products were 2.174 million b/d, down 596,000 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 9.6 million b/d, total gasoline production came in at 10.237 million b/d; distillate demand was 4.1 million b/d, production at 5.179 million b/d.

Crude exports fall 624,000 barrels

Exports of crude oil were 1.779 million b/d, down 624,000 b/d from last week; one year ago the figure was 902,000 b/d. -- Robert Sharp

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