New From PetroChem Wire . . . .

NGLs Week

NGLs Week Newsletter  

NGLs Week is PetroChem Wire's comprehensive summary of price trends, upstream and downstream costs, operations news and supply/demand forecasts. The report contains everything you'll need to understand what's happening in the NGL markets.

For more information, click here.

POST DOE WRAP: NYMEX futures rise after crude inventory decrease

HOUSTON, June 1, 2017 (PCW) -- NYMEX crude and products futures prices were higher Thursday after government figures showed a decrease in crude stocks and a draw in gasoline.

The US remains long in crude, gasoline and diesel. Refinery crude inputs nationwide were much higher and exports of products increased. Domestic gasoline consumption increased, but is still below last year's levels.

As of 10:36 am CDT, July NYMEX WTI was up $0.08/bbl to $48.40/bbl; July gasoline rose 1.99 cpg to 161.64 cpg and June diesel increased 0.24 cpg to 152.03 cpg.

Crude inventories lower by 6.4m barrels

The US Energy Information Administration statistics for the week ending May 26 showed a 6.4 million barrel decrease in crude inventories to 509.9 million barrels (“in the upper half of the average range,” per the EIA). This is the eighth week in a row that inventories have decreased.

Domestic crude oil production was put at 9.342 million b/d, up 22,000 b/d for the week, and 607,000 b/d higher versus the same period last year.

Imports of crude were down 300,000 b/d to about 8.0 million b/d on the week. Over the past four weeks, crude imports averaged 8.1 million b/d, an increase 6.6% compared to last year at this time.

Gasoline imports fall to 703,000 b/d

Gasoline imports were put at 703,000 b/d, down from 725,000 the previous week; for the same period last year the figure was 921,000 b/d. Distillate imports were 105,000 b/d, up from 101,000 b/d on the week; the figure for last year was 69,000 b/d (typically the US imports products to the US East Coast and exports from the US Gulf Coast).

Total product demand over the past four weeks was put at 20.4 million b/d, up by 0.1% versus the same period last year.

Total gasoline inventories (including blendstocks) were down 2.9 million barrels to 237 million barrels (“near the upper limit of the average range,” per the EIA), 1.6 million barrels below last year. Demand was 9.6 million b/d over the past four weeks, still off 0.7% from the same period last year.

Distillate stocks increase 0.4m barrels

Distillate stocks totaled 146.7 million barrels (“near the upper half of the average range”), up 0.4 million barrels compared with last week, and 2.9 million barrels below last year. Distillate demand over the past four weeks was 4.2 million b/d, up 3.0% compared with the same period last year.

Propane/propylene inventories on the week were 47.1 million barrels (“in the lower half of the average range”), up 3.4 million barrels on the week, and lower by 28.2 million barrels versus last year.

Total US refinery crude inputs averaged 17.5 million b/d, up 229,000 b/d compared with the previous week. Inputs of crude oil nationwide to refineries were higher by 1.5% to 95%. In the Gulf Coast, refinery runs were up 1.2% to 97.3% of capacity.

Exports up by 251,000 b/d

Also, net exports of all products were put at 2.693 million b/d, up 251,000 b/d for the week, a bullish number. The US needs to export products to keep inventories manageable.

While domestic gasoline demand was put at 9.6 million b/d, total gasoline production came in at 10.430 million b/d. Distillate demand was 4.2 million b/d, but production was 5.226 million b/d. -- Robert Sharp

Sign Up for RSS Feed  follow us in feedly