From early January 2023 to mid-February, all sweet crude differentials versus NYMEX domestic sweet (NYMEX DS) increased significantly.  As shown in the graphic below, the Houston benchmark Magellan East Houston (MEH) moved up from about $0.50/bbl to $2.85/bbl by February 14, while WTI Midland mov

The Lower 48 natural gas storage surplus vs. last year contracted for the first time in 11 weeks. The EIA yesterday reported an above-average withdrawal of (72)-Bcf for the week ended March 17, decreasing the U.S. working gas inventory to 1,900 Bcf.

Net refinery input was down a mere 20 Mb/d, at 15.4 MMb/d last week. Gross refinery input was up by 60 Mb/d to 16 MMb/d, which brought capacity utilization up by 0.3 percentage point to 88.6%. PADD 2 input was down 150 Mb/d and PADD 1 was down 100 Mb/d.

Crude oil exports across the U.S. Gulf Coast topped 4.5 MMb/d for the second time in March, with estimated loadings for the week ended March 17 at 4.6 MMb/d - the second-highest on record. Most of last week's additional barrels (873 Mb/d) were loaded in the Corpus Christi area.