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PIRA Energy: Weekly oil market recap

Hydrocarbon Engineering,


PIRA Energy Group has reported that old North American crude oil pipelines are not the reason for major pipeline spills. Also, a massive US product inventory decline has occurred whilst in Japan runs continue to rise with lower crude stocks.

USA

  • 54% of major onshore crude oil pipelines in the US and Canada were built before 1970.
  • For the 15 major crude oil spills over the past five years, only nine occurred in pipelines identified as built before 1970.
  • For the week ending 15th November, overall commercial oil product inventories in the US fell by the largest weekly decline in two years.
  • Total commercial oil stocks were down for the fourth monthly decline in a row.
  • Propane continues to outperform other components of the NGL complex.

Japan

  • Both gasoline and gasoil demands were modestly higher than previously.
  • Kerosene demand was strong and stocks resumed drawing.
  • Refinery margins moved slightly higher.

Biofuels

  • The EPA has proposed to reduce the total renewable fuel mandate for 2014 to 15.21 billion ethanol equivalent gal.
  • US ethanol production remained over 900 000 bpd for the fourth consecutive week.
  • Inventories of ethanol declined by 70 000 bbls.

Adapted from press release by Claira Lloyd

Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/26112013/weekly_oil_market_pira_24th_nov/


 

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