PIRA have said that the US is now the world’s largest supplier of oil.
- Total liquids supply this year is expected to average 12.1 million bpd.
- Shale liquids have risen 3.2 million bpd over the last four years.
- Tropical storm Karen did not reduce crude imports and has lead to a very large crude stock build up.
- The world has a surplus of refinery capacity but more is on the way.
- World refining distillation capacity is set to increase by 5%/2.6 million bpd by the end of this year and another 2.1 million bpd will come online in 2014.
- The biggest increase in processing capacity over the next two years will come from China and the Middle East.
- US ethanol prices have increased for the first time in three weeks.
- Production declined and inventories fell to their lowest level since the EIA began reporting weekly stocks in June 2010.
- RIN markets crashed after circulation of a purported draft of an EPA report setting lower biofules mandates for next year.
- Storms and Typhoons have been tracking toward Japan on a continuous basis.
- Due to weather interruptions, gasoline stocks drew modestly whiles gasoline stocks drew to a new record level.
- Stocks drew heavily as there is a low crude import figure.
- Refinery margins in Japan have remained weak.
- Qatar has had financial benefit from placing more LNG in Asia at a premium to Atlantic Basin Spot Prices.
- The country has been able to place incremental volumes into Japan, Korea and China, at close to its relatively strong oil linked prices.
Adapted from press release by Claira Lloyd
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/23102013/pira_energy_20th_oct/