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DOE WRAP: NYMEX crude rises with crude stock decrease
HOUSTON, March 13, 2019 (PCW) -- NYMEX crude and products pushed higher early Wednesday, after government figures showed a drop in crude inventories.
As of 9:56 am CDT, April NYMEX WTI was up $1.08/bbl to $57.93/bbl, April gasoline rose 2.84 cpg to 184.39 cpg, and April diesel increased 0.77 cpg to 199.34 cpg.
Crude imports were off slightly on the week, but were much lower versus last year. Product net exports remain strong, as does overall domestic demand.
Crude inventories fall 3.9 million barrels
The US Energy Information Administration statistics for the week ended March 8 showed a 3.9 million barrel drop in commercial crude inventories to 449.1 million barrels (“2% above the five-year average” per the EIA).
Domestic crude oil production was put at 12 million b/d, off 100,000 for the week, and up 1.619 million versus the same period last year.
Imports of crude were off 225,000 b/d on the week to 6.7 million. Over the past four weeks, crude imports averaged 6.8 million b/d, down 9% compared with last year at this time.
Total gasoline imports were put at 573,000 b/d, up from 555,000 last week; for the same period last year the figure was 604,000. Distillate imports were 238,000 b/d, down from 246,000 on the week; the figure for last year was 223,000 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 2.2%
Total product demand over the past four weeks was put at 20.9 million b/d, up 2.2% versus the same time last year.
Total gasoline inventories (including blendstocks) were lower by 4.6 million barrels to 246.1 million (“2% above the five-year average”), and 1.3 million above last year. Gasoline demand was 9 million b/d over the past four weeks, off 2.2% from the same period last year.
Distillate stocks totaled 136.4 million barrels (“1% below the five-year average”), 400,000 higher on the week, and 1.4 million below last year. Distillate demand over the past four weeks was 4.1 million b/d, up 3.1% compared with the same period last year.
Propane/propylene stocks fall 1.2 million barrels
Propane/propylene inventories on the week were 50.2 million barrels (“11% above the five-year average”), lower by 1.2 million on the week and up 11.3 million versus last year.
Total US refinery crude inputs on the week averaged 16 million b/d, higher by 30,000 b/d to 87.6% of capacity. In PADD 3 (the Gulf Coast) runs were off 0.1% percentage point to 89.5% of capacity.
Net exports of all products were 3.087 million b/d, lower by 472,000 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 10.053 million; distillate demand was 4.1 million b/d, production at 4.856 million.
Crude exports drop 257,000 barrels
Exports of crude oil were 2.546 million b/d, lower by 257,000 on the week; one year ago the figure was 1.487 million. -- Robert Sharp