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