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POST DOE WRAP: Crude increases despite inventory gain; production lower

HOUSTON, MAY 4, 2016 (PCW) -- NYMEX crude rose early Wednesday after government figures showed an increase in crude and gasoline inventories, while diesel stocks fell.

Crude oil production on the year is down about half a million barrels per day, however.

The US however remains very long in crude, gasoline and diesel. Refinery runs increased nationwide, and were up in the Gulf Coast. Gasoline and diesel demand is good, and net exports were up as well.

As of 9:55 am CST, June NYMEX WTI was up $0.64/bbl to $44.29/bbl, June gasoline fell 0.16 cpg to 150.84 cpg and June diesel was up 1.38 cpg to 134.72 cpg.

Crude inventories are up

The US Energy Information Administration statistics for the week ending April 29 showed a 2.8 million barrel increase in crude inventories to 543.4 million barrels. Domestic crude oil production was put at 8.825 million b/d, down 113,000 b/d for the week, and 544,000 b/d lower versus the same period last year.

This is the 11th week in the past 12 that crude production has fallen. Nonetheless inventories built again (those inventories are “historically high” for this time of year, per the EIA).

Imports of crude were up 110,000 b/d to 7.7 million b/d on the week. Over the past four weeks, crude imports averaged 7.8 million b/d, an increase of 8.4% compared to last year at this time.

Total product demand over the past four weeks was put at 20.1 million b/d, up 5.8% versus the same period last year.

Gasoline inventories increase

Gasoline inventories were up 0.5 million barrels to 241.8 million (still “well above the upper limit of the average range,” per the EIA). Demand was 9.5 million b/d over the past four weeks, up 5.8% from the same period last year.

Distillate stocks fell 1.3 million barrels to 157 million (“well above the upper limit of the average range,” per the EIA). Distillate demand over the past four weeks was 4.3% to 4 million b/d compared to the same period last year.

Distillate demand on the rise

This is the first time in recent weeks that distillate demand has increased.

Propane/propylene inventories on the week were up 0.7 million barrels to 71.9 million, 5.3 million barrels over last year's levels.

US refinery runs are up

Total US refinery inputs were 16 million b/d, up 139,000 b/d compared to the previous week. Inputs of crude oil nationwide to refineries on a percentage basis were up 1.6% on the week, put at 89.7% of capacity. In the Gulf Coast (PADD III), rose 2.7% to 92.6%. -- 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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