Oil market recap: week ending 9th February

For the week ending 9^th February PIRA Energy Group has reported that western Canadian and Bakken crude price differentials strengthened last month. Also US stocks declined on the week and Japanese crude and product stocks also drew.

Crude prices

• In January Western Canadian and Bakken crude price differentials strengthened.
• Cushing stocks were flat in January but WTI moved into backwardation.

USA

• US oil inventories fell over 700 000 bpd or 22 million bbls in January.
• The past week contributed 5.3 million bbls to the decline all in crude oil products.
• US ethanol prices increased the week ending 31^st January.
• Demand for ethanol in the US was strong as the manufacture of ethanol blended gasoline rose to a five week high.
• US ethanol production declined to a three week low in the week ending 31^st January.

Japan

• Total commercial stocks drew 5.9 million bbls.
• Crude runs increased slightly and crude imports eased to draw stocks.
• Gasoline demand was relatively strong last week at 960 000 bpd.

Adapted from a press release by Claira Lloyd.

Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/11022014/oil_market_recap_9th_february152/