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DOE WRAP: Crude, products higher despite oil stock build

HOUSTON, February 13, 2019 (PCW) -- NYMEX crude and products were higher Wednesday, despite government figures that showed a substantial build in crude inventories.

As of 10 am CST, March NYMEX WTI was higher by $0.94/bbl at $54.04/bbl; March gasoline rose 2.38 cpg to 145.10 cpg, and March diesel increased 2.63 cpg to 193.35 cpg.

One reason the market rose despite crude gains is that refinery runs again fell overall, and very hard in the Gulf Coast.

Also crude imports dropped dramatically.

Crude inventories are up 3.6 million barrels

The US Energy Information Administration statistics for the week ending February 8 showed a 3.6 million barrel rise in commercial crude inventories to 450.8 million barrels (“6% 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 1.629 million versus the same period last year.

Imports of crude were off 936,000 b/d on the week to 6.2 million. Over the past four weeks, crude imports averaged 7.2 million b/d, down 11.2% compared with last year at this time.

Total gasoline imports were put at 457,000 b/d, down from 625,000 last week; for the same period last year the figure was 638,000. Distillate imports were 438,000 b/d, down from 459,000 on the week; the figure for last year was 236,000 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 0.6%

Total product demand over the past four weeks was put at 20.8 million b/d, up 0.6% versus the same time last year.

Total gasoline inventories (including blendstocks) were up 400,000 barrels to 258.3 million (“4% above the five-year average”), and 9.2 million above last year. Gasoline demand was 9 million b/d over the past four weeks, up 0.7% from the same period last year.

Distillate stocks totaled 140.2 million barrels (“3% below the five-year average”), 1.2 million higher on the week, and 1.2 million below last year. Distillate demand over the past four weeks was 4.3 million b/d, up 0.5% compared with the same period last year.

Propane stocks rise 700,000 barrels

Propane/propylene inventories on the week were 58.2 million barrels (“11% above the five-year average”), higher by 700,000 on the week and up 12.5 million versus last year.

Total US refinery crude inputs on the week averaged 15.8 million b/d, lower by 865,000 b/d to 85.9% of capacity. In PADD 3 (the Gulf Coast) runs were off 2.5 percentage points to 89.5% of capacity.

Net exports of all products were 3.215 million b/d, higher by 825,000 on the week, a bullish number.

The US needs to export products to keep inventories manageable. While domestic gasoline demand was put at 9 million b/d, total gasoline production came in at 9.619 million; distillate demand was 4.3 million b/d, production at 4.764 million.

Crude exports drop 506,000 barrels

Exports of crude oil were 2.364 million b/d, lower by 506,000 on the week; one year ago the figure was 1.322 million. -- Robert Sharp

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