Market Report & Analysis for 1/12/18 Afternoon Edition

by | Jan 11, 2018 | EMI, Fuels & Markets, FutureRack, Industry News

Afternoon Market Overview

This week’s EIA data showed Total Crude & Product stocks decreased by 5.524/mmbls to 1219.747/mmbls for week ending Jan 5th. Looking at the year on year for Total Crude & Product stocks we see we are 115.6/mmbls below last year’s level for this time of the year, while we are running 51/mmbls above the five-year average.

Crude oil stocks decreased by 4.948/mmbls to 419.515/mmbls which was less than our projections looking for a draw of around 5.7/mmbls for the week under review. Looking at the year on year we are running at 63.6/mmbls below last year’s level for this time of the year. Crude oil stocks remain above the five-year average by 31.6/mmbls. When we look at the PADD breakdown we saw a lower picture with PADD I showing a draw of 20,000/bbls to 11.478/mmbls and PADD II showed a draw of 3.189/mmbls to 130.163/mmbls.

Cushing, OK showed a draw of 2.395/mmbls to 46.578/mmbls and PADD III showed a draw of 2.563/mmbls to 203.610/mmbls. PADD IV showed a draw of 367,000/bbls to 22.050/mmbls while PADD V showed a build of 1.189/mmbls to 52.213/mmbls. On the gasoline side of the data the EIA reported that gasoline stocks increased by a 4.135/mmbls to 237.322/mmbls which was more than our projections looking for a build of around 2.6/mmbls. Looking at the year on year for gasoline stocks we see that we are at 3.2/mmbls below last year’s for this time of the year. Gasoline stocks are below the five-year average by 600,000/bbls.

On the distillate side of the report distillate stocks showed a build of 4.254/mmbls to 143.088/mmbls versus our projections looking for a draw of around 1/mmbls. Looking at the year on year for distillate stocks we see that we are below last year’s level by 27/mmbls. Distillate stocks are below the five-year average by 3.3/mmbls. When we look at the breakdown for distillate stocks we see that diesel stocks increased by 5.023/mmbls while heating oil stocks decreased by 769,000/bbls.

On the refining side of the report refinery runs decreased 1.4 percent to 95.3 percent for the week under review. Looking at the year on year for refinery runs we see that we are above last year’s level by 1.7 percent. Refinery runs are above the five-year aver by 4.6 percent.