Oil market recap: week ending 9th March

USA

• Crude stocks fell sharply in Cushing, Oklahoma, and PADD II in February.
• For the first time this year, both crude oil and petroleum product stocks built over the past week.
• Crude stocks are now 17.5 million bbls below last year.
• US propane stocks built for the last week of February.
• A seven week low of 894 000 bpd of ethanol was manufactured the week ending 28^th February.
• Ethanol inventories fell by 413 000 bbls to 16.6 million bbls, the lowest since early January.

Japan

• Total commercial stocks dropped partially due to draw on crude.
• Finished product stocks also fell.
• The indicative refining margin was modestly lower but remains near statistical means.

Latin America

• Refining capacity is not expected to show any relevant expansion in 2014 so that production of both gasoline and diesel/gasoil will remain relatively steady compared to last year.
• Local demand growth for diesel/gasoil will be met entirely by imports and imports of gasoline will grow while net exports of fuel oil will decline.

Adapted from a press release by Claira Lloyd.

Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/12032014/9th_march_oil_market_recap258/