- 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 28th February.
- Ethanol inventories fell by 413 000 bbls to 16.6 million bbls, the lowest since early January.
- 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.
- 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/