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DOE WRAP: Oil slips after supplies rise for fifth straight week

HOUSTON, February 21, 2019 (PCW) -- NYMEX crude fell Wednesday after government figures showed an increase in crude inventories.

As of 10:22 am CST, April NYMEX WTI was lower by $0.09/bbl at $57.07/bbl; April gasoline rose 1.34 cpg to 177.03 cpg, and April diesel increased 0.97 cpg to 202.78 cpg.

Imports of crude rose dramatically but exports of crude were higher as well. Crude production was up marginally.

Exports of finished products were lower, but still bullish.

The US Energy Information Administration statistics for the week ending February 15 showed a 3.7 million barrel rise in commercial crude inventories to 454.5 million barrels (“6% above the five-year average” per the EIA). It was the fift straight gain, putting supplies at the highest level since the week ended November 17, 2017.

Domestic crude oil production was put at 12 million b/d, up 100,000 for the week and up 1.730 million versus the same period last year.

Imports of crude were up by 1.312 million b/d on the week to 7.5 million. Over the past four weeks, crude imports averaged 7 million b/d, down 10.5% compared with last year at this time.

Total gasoline imports were put at 420,000 b/d, down from 457,000 last week; for the same period last year the figure was 350,000. Distillate imports were 431,000 b/d, down from 438,000 on the week; the figure for last year was 243,000 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 drops 0.1%

Total product demand over the past four weeks was put at 20.6 million b/d, down 0.1% versus the same time last year.

Total gasoline inventories (including blendstocks) were lower by 1.5 million barrels to 256.8 million (“4% above the five-year average”), and 7.5 million above last year. Gasoline demand was 9 million b/d over the past four weeks, off 0.4% from the same period last year.

Distillate stocks totaled 138.7 million barrels (“2% below the five-year average”), 1.5 million lower on the week, and 300,000 below last year. Distillate demand over the past four weeks was 4.2 million b/d, up 1.4% compared with the same period last year.

Propane stocks fall 3.6 million barrels

Propane/propylene inventories on the week were 54.6 million barrels (“10% above the five-year average”), lower by 3.6 million on the week and up 11.5 million versus last year.

Total US refinery crude inputs on the week averaged 15.7 million b/d, higher by 57,000 b/d to 85.9% of capacity. In PADD 3 (the Gulf Coast) runs were off 0.7 percentage points to 87.8% of capacity.

Net exports of all products were 2.809 million b/d, lower by 406,000 on the week, still 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 9.489 million; distillate demand was 4.2 million b/d, production at 4.759 million.

Crude exports increase 1.243 million barrels

Exports of crude oil were 3.607 million b/d, higher by 1.243 million on the week; one year ago the figure was 2.044 million. -- Robert Sharp

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