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POST DOE WRAP: Crude inventories, production lower

HOUSTON, April 6, 2016 (PCW) -- NYMEX crude and products futures prices were mixed early Wednesday after government figures showed a decrease in crude inventories; products stocks were higher.

The US, however, remains very long in crude, gasoline, and diesel, refiners are increasing runs, gasoline demand is good but exports of products faltered.

As of 9:50 am CST, May NYMEX WTI was up $1.14/bbl to 37.03/bbl; May gasoline was down 0.68 cpg to 137.10 cpg; and May diesel was up 1.14 cpg to 110.42 cpg.

The US Energy Information Administration weekly statistics for the week ended April 1 showed a 4.9 million barrel decrease in crude inventories, to 529.9 million barrels. Domestic crude oil production was put at 9.008 million b/d, down 14,000 for the week, but down 396,000 versus the same period last year.

This, is the seventh week in the past eight that crude production has fallen.

Imports of crude were down 494,000 b/d, to 7.3 million b/d. Over the past four weeks, crude imports averaged 7.8 million b/d, an increase of 2.1% compared to last year at this time.

Total product demand over the past four weeks was put at 19.5 million b/d, up 1.5% versus the same period last year.

Gasoline inventories were up 1.4 million barrels, to 244 million (still “well above the upper limit of the average range,” per the EIA). Demand was 9.4 million b/d over the past four weeks, up 4.2% from the same period last year.

Distillate stocks rose 1.8 million barrels, to 163 million (“above the upper limit of the average range,” per the EIA). Distillate demand over the past four weeks was down 6.8% to 3.7 million b/d compared to the same period last year.

Propane/propylene inventories on the week were up 2 million barrels, to 64.9 million, 6.9 million over last year.

Total US refinery inputs were 16.4 million b/d, up 199,000 compared to the previous week. Inputs of crude oil nationwide to refineries on a percentage basis were up 1% on the week, put at 91.4% of capacity. In the Gulf Coast (PADD 3), runs were up 0.7% to 95.1%.

However, net exports of all products were put at 1.470 million b/d, down 1.193 million for the week, a dramatically lower number; the US needs to export products to keep inventories manageable. -- Robert Sharp

To keep up with the day's news and prices in refined products, gasoline blendstocks and refinery chemicals, click here to check out the PCW Daily Refinery Focus

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