Crude oil prices rose modestly on both the New York and London markets Dec. 19 pending release of the US government’s weekly inventory report on crude oil and product supplies.
The US Energy Information Administration said commercial crude oil inventories, excluding the Strategic Petroleum Reserve, decreased 6.5 million bbl for the week ended Dec. 15 from the previous week.
The latest total was 436.5 million bbl, which EIA called the middle of the average range for this time of year.
Separately, the American Petroleum Institute estimated US crude supplies fell 5.2 million bbl for the week ended Dec. 15.
In its Weekly Petroleum Status Report, EIA said total motor gasoline inventories increased 1.2 million bbl. Finished gasoline inventories decreased while blending components inventories increased.
Distillate fuel inventories increased 800,000 bbl for the week ended Dec. 15. Propane-propylene inventories decreased 3.3 million bbl.
US refinery inputs averaged 17.1 million b/d, which was 111,000 b/d more than the previous week’s average. Refineries operated at 94.1% of capacity for the week ended Dec. 15.
Gasoline production decreased last week, averaging about 10.1 million b/d. Distillate fuel production decreased last week, averaging 5.2 million b/d.
US crude oil imports averaged more than 7.8 million b/d last week, up by 471,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged over 7.4 million b/d.
Energy prices
The January 2018 light, sweet crude contract on the New York Mercantile Exchange gained 30¢ on Dec. 19 to $57.46/bbl. The February contract increased by 34¢ to $57.56/bbl.
The NYMEX natural gas price for January 2018 dropped 5¢ to a rounded $2.69/MMbtu. The Henry Hub cash gas price was up 3¢ at $2.74/MMbtu.
Ultralow-sulfur diesel for January 2018 gained nearly 1.5¢ to a rounded $1.94/gal. The NYMEX reformulated gasoline blendstock for January 2018 rose 2.4¢ to a rounded $1.70/gal.
The Brent crude contract for February 2018 on London’s ICE climbed 39¢ to $63.80/bbl. The March 2018 contract gained 49¢ to $63.40/bbl.
The gas oil contract for January held unchanged at $569/tonne.
The Organization of Petroleum Exporting Countries’ basket of crudes was $61.72/bbl on Dec. 19, up 8¢.
Contact Paula Dittrick at [email protected].
