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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

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