Oil market recap: week ending April 5 2015
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PIRA Energy Group has said that year on year US commercial stock surplus has most likely hit its peak for now. In Japan, crude runs have blipped higher, but stocks built off record lows. Saudi Aramco raised May formula prices to Asia.
US
- Commercial stock increase has brought the stock surplus versus last year to a new high.
- The high of the surplus has however been seen for the time being.
- A larger than expected build in LPG stocks sent prices falling faster than crude oil last week.
- May propane futures fell 5% in Mt Belvieu and 7% in Conway.
- Ethane lagged far behind the 4.6% increase in natural gas prices.
- Ethanol output declined slightly the week ending March 27.
- Ethanol inventories declined in all five PADDs the week ending March 27 for the first time since September 2013.
- In total, ethanol stocks fell by 770 000 bbls to 20.5 million bbls.
Japan
- Crude runs blipped higher and into better alignment with PIRA’s turnaround schedules.
- Crude imports increased such that stocks built off record lows.
- Finished product stocks drew.
- The indicative refining margin remained strong.
Edited from press release by Claira Lloyd
Read the article online at: https://www.hydrocarbonengineering.com/refining/07042015/oil-market-recap/
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