Exports along the Gulf Coast remained strong last week at 4.6 MMb/d, while imports fell by 700 Mb/d and refinery input rose by 300 Mb/d all in PADD 3. This large shift led to a 6.4-MMbbl draw on local stockpiles, which in turn drove the total U.S. crude inventory drop of 7.5 MMbbl, the deepest since October.
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- Analyst Insight
Crude Stocks Plunge As Exports Spike
Last week, crude oil demand surged with the third-highest volume of exports. As unaccounted-for volumes decreased, the industry relied on storage, leading to the largest-ever release of crude stocks (17+ MMbbl).
- Blog
They Tried To Make A Crude Price Rehab – Balancing Fundamentals Keep A Lid On Prices
U.S refiners have been processing a lot of crude so far this summer and utilization rates remain high. Crude production has leveled off and is expected by the Energy Information Administration’s (EIA) Short Term Energy Outlook to decline slightly during the second half of 2015. But the early summer market sentiment that drove crude prices up to $60/Bbl on the back of these fundamentals appears to have lost steam. Today we conclude our analysis of short term crude price prospects.
- Blog
Hot Fun in the Summertime - Petroleum Product Exports Riding High
We are getting into the peak summer driving season and gasoline demand has been hitting all-time highs. You might think that inventories would be drawing down and that the U.S. would need to import more gasoline and gasoline blending components. But not so. U.S. refineries are cranking out the products. Gasoline stocks are up 10% from a year ago—15 million barrels (MMbbl) higher than the top of the five-year range—and last week gasoline inventories made a contra-seasonal move upward, increasing by 1.4 MMbbl. Net exports for the first quarter were up almost five times the same period in 2015. But what does all this mean for refined product markets in general, and gasoline balances in particular? Today, we examine the state of U.S. petroleum product markets.
