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DOE WRAP: Crude and products rise on Venezuela tension
HOUSTON, January 30, 2019 (PCW) -- NYMEX crude and products were higher Wednesday, as unrest in Venezuela overshadowed government figures that showed a build in crude inventories.
As of 9:59 am CST, March NYMEX WTI was higher by $0.90/bbl at $54.21/bbl; March gasoline rose 4.03 cpg to 141.25 cpg, and March diesel increased 0.99 cpg to 190.44 cpg.
Refinery runs again fell overall, hard in the Gulf Coast; gasoline stocks fell but look comfotable.
Demand was lower for all products, and crude stocks built despite lower imports.
Crude inventories are up 900,000 barrels
The US Energy Information Administration statistics for the week ending January 25 showed a 900,000 barrel rise in commercial crude inventories to 445.9 million barrels (“7% above the five-year average” per the EIA).
Domestic crude oil production was put at 11.9 million b/d, flat for the week and up 1.981 million versus the same period last year.
Imports of crude were off 1.108 million b/d on the week to 7.1 million. Over the past four weeks, crude imports averaged 7.7 million b/d, down 4.5% compared with last year at this time.
Total gasoline imports were put at 523,000 b/d, up from 361,000 last week; for the same period last year the figure was 575,000. Distillate imports were 135,000 b/d, down from 355,000 on the week; the figure for last year was 584,000 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 20.7 million b/d, off 0.2% versus the same time last year.
Total gasoline inventories (including blendstocks) were off 2.2 million barrels to 257.4 million (“5% above the five-year average”), and 15.3 million above last year. Gasoline demand was 8.9 million b/d over the past four weeks, up 1.4% from the same period last year.
Distillate stocks totaled 141.3 million barrels (“2% below the five-year average”), 1.1 million lower on the week, and 3.4 million above last year. Distillate demand over the past four weeks was 4 million b/d, off 3.1% compared with the same period last year.
Propane stocks fall 3.6 million barrels
Propane/propylene inventories on the week were 60.2 million barrels (“2% above the five-year average”), lower by 3.6 million on the week and up 7.1 million versus last year.
Total US refinery crude inputs on the week averaged 16.5 million b/d, lower by 586,000 b/d to 90.1% of capacity. In PADD 3 (the Gulf Coast) runs were off 1.7 percentage points to 90.4% of capacity.
The US needs to export products to keep inventories manageable: while domestic gasoline demand was put at 8.9 million b/d, total gasoline production came in at 9.904 million; distillate demand was 4 million b/d, production at 5.019 million.
Crude exports drop 91,000 barrels
Exports of crude oil were 1.944 million b/d, lower by 91,000 on the week; one year ago the figure was 1.765 million. -- Robert Sharp