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Oil market recap: week ending 12 July 2015

Hydrocarbon Engineering,


PIRA Energy Group has said that North American crude differentials were mixed in June and that there was little change in outright prices. In the US both crude and product stocks posted a build. When it comes to Japan, crude runs jumped, crude stocks built, but finished products drew.

Canada

  • An end to wildfires and oilsands upgrader maintenance brought Canadian differentials back down from very strong springtime levels.

USA

  • Both crude and product stocks posted a build last week.
  • Weekly commercial stocks stand at 145 million bbls, 13% above year ago levels.
  • Total product demand growth is estimated to be up.
  • The NGL complex outperformed the broader energy complex by a wide margin.
  • Ethanol prices scared the week ending July 3, following a spike in corn values.
  • Lower output and inventories, as well as higher production of ethanol blended gasoline provided support to ethanol.
  • Ethanol production climbed.
  • Ethanol stocks built by 309 000 bbls.

Japan

  • Crude runs posted a significant rise as maintenance continues to wind down and unplanned outages began to restart.
  • Crude imports increased and stocks built.
  • Finished product stocks drew, due to lower jet/kero, gasoline and fuel oil stocks more than offsetting builds in naphtha and gasoil.
  • The indicative refining margin remained good.

Edited from press release by Claira Lloyd

Read the article online at: https://www.hydrocarbonengineering.com/refining/14072015/oil-market-recap/


 

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