US light, sweet crude prices rose more than $1/bbl on Mar. 18 after the US Federal Reserve said it was in no rush to raise interest rates. But crude futures quickly gave up that one-day gain in early Mar. 19 trading with renewed concerns about ample oil supplies.
The US Energy Information Administration said the estimated weekly oil inventory as of Mar. 13 was 458.5 million bbl, which marked a gain of 9.6 million bbl.
The latest petroleum status report said US refinery inputs averaged more than 15.4 million b/d, which was an estimated 136,000 b/d more than the previous week’s average. Refineries operated at 88.1% of capacity last week. Gasoline production increased last week, averaging about 9.8 million b/d.
In the separate gas storage report released Mar. 19, EIA estimated working gas in underground storage across the Lower 48 at a rounded 1.47 tcf as of Mar. 13. This represented a net decline of 45 bcf from the previous week. Stocks were 507 bcf higher than last year at this time and 225 bcf below the 5-year average of 1.7 tcf.
Energy prices
The New York Mercantile Exchange April crude oil contract rose $1.20 on Mar. 18 to $44.66/bbl. The May contract rose $1.46 to settle at $46.65/bbl.
The natural gas contract for April climbed 6.5¢ to a rounded $2.92/MMbtu. The Henry Hub, La., gas price was $2.77/MMbtu, down 2¢.
Heating oil for April delivery increased nearly 8¢ to a rounded $1.77/gal. Reformulated gasoline stock for oxygenate blending for April was up by a rounded 7¢ to a rounded $1.80/gal.
The May ICE contract for Brent crude oil was up $2.40, settling at $55.91/bbl. The June contract lost $2.43 to $56.99/bbl. The ICE gas oil contract for April rose $9.50 to $518.50/tonne.
The average price for the Organization of Petroleum Exporting Countries’ basket of 12 benchmark crudes on Mar. 18 was $49.17/bbl, up 41¢.
Contact Paula Dittrick at [email protected].
*Paula Dittrick is editor of OGJ’s Unconventional Oil & Gas Report.
