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PIRA Energy: Oil market recap

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Hydrocarbon Engineering,

PIRA Energy Group has reported that the US is set to allow the exchange of up to 100 million bpd of Mexican heavy crude for US domestic light crude. This will add modest support to US crude prices relative to international levels, according to PIRA, by reducing the risk of price disconnects.

PIRA also reported an increase in commercial inventories with crude stocks at approximately 94 million bbls higher than 2014. Ethanol prices decreased on 12 August, but recovered by the end of the week as buyers returned.

The ethanol industry was stable the week ending 14 August, with production remaining at 965 million bpd after having fallen to an 11 week low 961 million bpd two weeks earlier. Stocks increased by 32 000 bbls to 18.6 million bbls.

US Waterborne LPG exports decreased by 45% to 470 million bpd with approximately 60% of the shipments headed to the Latin American/ Caribbean region.

Edited from press release by

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