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Oil market recap: Week ending 19 April 2015

Hydrocarbon Engineering,


PIRA Energy Group has said that Saudi Arabia is opting for market share over price. In the US, commercial stocks reached new record levels even as surplus fell. In Japan, crude has run slightly higher, but lower crude and product stocks.

USA

  • Total commercial stocks built to a new record high level last week.
  • The stock build was however half of last year’s, so the total commercial stick surplus versus last year narrowed for the first time this year.
  • Mt Belvieu LPG prices rose in line with WTI.
  • Prices in Conway, KS also rose, but conitnue to be pressurised by high stocks with discounts to Belvieu in May.
  • Ethanol production fell to a 25 week low the week ending April 10.
  • Inventories increased by 162 000 bbls to 20.6 million bbls.

Japan

  • Crude runs increased slightly, with crude imports staying low such that stocks drew modestly.
  • Finished product stocks drew a similar amount.
  • Gasoline and gasoil demands eased, with gasoline stocks modestly higher and gasoil stocks modestly lower.
  • Kerosene demand rose and stocks drew.
  • The indicative refining margin eased on the week but still remains statistically strong.

EPA

  • The EPA announced a proposed settlement with the API and AFPM regarding deadlines for issuing the annual requirements under the RFS program.
  • The Agency will propose the mandates for 2015 by June 1.

Edited from press release by Claira Lloyd

Read the article online at: https://www.hydrocarbonengineering.com/refining/21042015/oil-market-recap/


 

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