U.S. crude oil refinery inputs averaged over 16.2 million barrels per day during the week
ending April 10, 2015, 283,000 barrels per day more than the previous week’s average.
Refineries operated at 92.3% of their operable capacity last week. Gasoline production
increased last week, averaging over 9.2 million barrels per day. Distillate fuel production
decreased slightly last week, averaging 5.0 million barrels per day.
U.S. crude oil imports averaged over 7.1 million barrels per day last week, down by 1.1
million barrels per day from the previous week. Over the last four weeks, crude oil
imports averaged over 7.5 million barrels per day, 0.2% above the same four-week period
last year. Total motor gasoline imports (including both finished gasoline and gasoline
blending components) last week averaged 545,000 barrels per day. Distillate fuel imports
averaged 219,000 barrels per day last week.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum
Reserve) increased by 1.3 million barrels from the previous week. At 483.7 million
barrels, U.S. crude oil inventories are at the highest level for this time of year in at least
the last 80 years. Total motor gasoline inventories decreased by 2.1 million barrels last
week, but are well above the upper limit of the average range. Both finished gasoline
inventories and blending components inventories decreased last week. Distillate fuel
inventories increased by 2.0 million barrels last week and are in the middle of the average
range for this time of year. Propane/propylene inventories rose 2.1 million barrels last
week and are well above the upper limit of the average range. Total commercial
petroleum inventories increased by 7.2 million barrels last week.
Total products supplied over the last four-week period averaged 19.1 million barrels per
day, up by 4.3% from the same period last year. Over the last four weeks, motor gasoline
product supplied averaged 8.9 million barrels per day, up by 0.7% from
EIA: Crude output fell to 9.384mln bpd, an decrease of 0.213%
Refinery Utilization Rates (Apr 10) W/W 2.2% vs. Exp. 0.5%
not the first time they called 2.6m, build and eia showed more then 8m build its highly possible 8m build in eia, API does not include Valero 10 refineries for example. Wld be unloading some ah if had some
Chinese goink too pickups sum cheep me thinx
ConocoPhillips $COP May 15 $70 call open interest rose to 44,972 from 28,351 contracts.
(Forbes Apr 1) ...contrary to popular belief there is ”plenty of storage, but fear and misperception will likely prevail near term,” wrote Morgan Stanley MS +1.05% refining analyst Evan Calio in an in-depth report last week. Calio and his colleagues figure that tank farm utilization will top out near 72% in May at more than 500 million barrels in storage — high enough to continue supporting bearish sentiment, but not enough to bring about a complete collapse in U.S. crude oil benchmarks.
That’s because there’s plenty of other holes to stick oil in, they say. “The system is more flexible than most realize. Full storage will never be realized because regional [differentials] move as congestion builds, allowing access to alternative storage, markets and clearing mechanisms.”
Sentiment: Strong Buy