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, products fall with gasoline, diesel stock build
HOUSTON, September 6, 2018 (PCW) -- NYMEX crude and products were lower early Wednesday, after government figures showed a build in product inventories; crude stocks fell.
As of 10:20 am CDT, October NYMEX WTI was off by $0.90/bbl to $67.82/bbl; October gasoline dropped 1.74 cpg to 194.74 cpg, and October diesel decreased 2.08 cpg to 221.37 cpg.
Refinery crude inputs were up 1.4% in the Gulf Coast and are 100% in the mid-continent.
Gasoline stocks built on the week with higher imports and fewer exports; they are up versus last year; diesel stocks are low versus last year but are finally recovering.
Crude inventories drop 4.3 million barrels
The US Energy Information Administration statistics for the week ending August 31 showed a 4.3 million barrel decrease in commercial crude inventories to 401.5 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 2.219 million versus the same period last year.
Imports of crude were up 229,000 b/d to 7.7 million on the week. Over the past four weeks, crude imports averaged 7.9 million b/d, down 0.5% compared to last year at this time.
Total gasoline imports were put at 988,000 b/d, up from 866,000 last week; for the same period last year the figure was 475,000. Distillate imports were 286,000 b/d, up from 274,000 on the week; the figure for last year was 110,000 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 rises 3%
Total product demand over the past four weeks was put at 21.4 million b/d, up by 3% versus the same period last year.
Total gasoline inventories (including blendstocks) were up 1.8 million barrels to 234.6 million (“7% above the five-year average”), and 7.9 million above last year. Gasoline demand was 9.7 million b/d over the past four weeks, up 1.1% from the same period last year.
Distillate stocks totaled 133.1 million barrels (“12% below the five-year average”), up 3.1 million on the week, but 14.6 million below last year. Distillate demand over the past four weeks was 4.2 million b/d, up 1.5% compared with the same period last year.
Propane stocks rise 2 million barrels
Propane/propylene inventories on the week were 73.4 million barrels (“11% below the five-year average”), up 2 million on the week and down 6.5 million versus last year.
Total US refinery crude inputs on the week averaged 17.6 million b/d, up, 81,000 b/d to 96.3% of capacity. In PADD 3 (the Gulf Coast) runs were up 1.4% percentage points to 97.2% of capacity.
Net exports of all products were 1.751 million b/d, down 423,000 on the week, a moderately bearish 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 10.215 million; distillate demand was 4.2 million b/d, production at 5.439 million.
Crude exports fall 624,000 barrels
Exports of crude oil were 1.508 million b/d, off 271,000 from last week; one year ago the figure was 153,000. -- Robert Sharp