Oil market recap: week ending 16th June
During the week ending June 16th 2013, PIRA Energy Group have reported that US crude commercial stocks posted a large build and there was a large crude stock build in Japan also but products were also drawn from this stock.
USA
Crude stocks in the US, buoyed by what may be a record high balance item, increased unexpectedly during the week and the year on year excess widened. All four major refined products built and the surplus versus last year increased also. Over the last week there was also a large increase in US stocks of LPG.
In the US ethanol market prices fell however output of ethanol blended gasoline reached an all time high. During the week production levels reached 8.65 million bpd up from 8.33 million bpd.
Japan
As imports to Japan surged during the week, crude stocks build sharply. Despite an increase in stocks, draws on gasoline, gasoil and fuel oil were also made.
Adapted from press release by Claira Lloyd.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/19062013/oil_market_recap_week_ending_16th_june-431/
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