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POST DOE WRAP: NYMEX Crude and RBOB rise on inventory draw

HOUSTON, August 17, 2016 (PCW) -- NYMEX crude and products futures prices were higher early Wednesday after government figures showed a drop in crude and gasoline stocks.

The US remains long in crude, gasoline, and diesel. Refinery crude input volumes dropped slightly nationwide. Domestic gasoline demand remains robust, and net export volumes of products were slightly higher.

As of 10:08 am CST, September NYMEX WTI rose $0.05/bbl to $46.63/bbl; September gasoline rose 2.22 cpg to 1.4448 cpg, and September diesel rose 1.24 cpg to 147.37 cpg.

Crude inventories are down

The US Energy Information Administration statistics for the week ended August 12 showed a 2.5 million barrel decrease in crude inventories to 521.1 million barrels. Domestic crude oil production was put at 8.597 million b/d, up 152,000 for the week, but 0.751 million lower versus the same period last year.

Inventories still are “historically high” for this time of year, per the EIA.

Imports of crude were down 211,000 b/d to 8.4 million on the week. Over the past four weeks, crude imports averaged 8.4 million b/d, an increase of 11.3% compared with last year at this time.

Gasoline imports were put at 610,000 b/d, down from 930,000 from the previous week; for the same period last year the figure was 869,000. Distillate imports were 92,000 b/d, down from 169,000 last week and 201,000 the previous year (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 20.8 million b/d, up 1.4% versus the same period last year.

Gasoline inventories fall

Total gasoline inventories (including blendstocks) were down 2.7 million barrels to 232.7 million (still “well above the upper limit of the average range,” per the EIA). Demand was 9.8 million b/d over the past four weeks, up 1.7% from the same period last year.

Distillate stocks rose 1.9 million barrels to 153.1 million (“near the upper limit of the average range,” per the EIA). Distillate demand over the past four weeks was up 0.3% to 3.7 million b/d compared to the same period last year.

Propane/propylene inventories on the week were 93.7 million barrels, up 1.8 million on the week, and down 0.1 million versus last year.

Refinery runs were up slightly

Total US refinery inputs averaged 16.9 million b/d, up 268,000 b/d compared to the previous week. Inputs of crude oil nationwide to refineries on a percentage basis were up 1.3% on the week, put at 93.5% of capacity. In the Gulf Coast (PADD III), inputs were up 0.4% to 94.7%.

Also, net exports of all products were put at 1.730 million b/d, up 32,000 for the week, a slightly bullish number. The US needs to export products to keep inventories manageable.

While gasoline demand was put at 9.8 million b/d, gasoline production came in at 10.280 million b/d. Distillate demand was 3.6 million b/d, but production was 4.939 million. -- Robert Sharp

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