Cushing Crude Stocks Continue to Fall, Supporting WTI
Crude differentials in Midcontinent markets were mixed in May, with improvement in the most heavily discounted grades, like Canadian heavy and those in Midland, but declines in most other light grades.
Product Inventories Push U.S. Stocks Higher
Weaker reported product demand and a product import high for the year caused product stocks to increase, also a weekly high for 2014. Crude inventories fell for the week, leaving the overall stock build at 8.8 million barrels, which is in sharp contrast to last year's 1.2 million barrel inventory decline during the same week. Thus, the year-on-year stock deficit narrowed by 10 million barrels to 13.6 million barrels, or just 1.2%.
Japanese Refiners Begin Coming Out of Turnarounds
Crude runs rose 29 MB/D as it appears turnarounds have begun to wind down. Imports rose from relatively low levels and crude stocks built 4.9 MMBbls. Finished products built slightly though gas oil and jet kero stocks posted draws. Refining margins were slightly lower with falling middle distillate cracks more than offsetting higher gasoline, naphtha, and fuel oil cracks.
India Quarterly Oil Demand Monitor
Market jitters that shook
Surging LPG inventories complicated by an upcoming export facility turnaround will pose challenges for domestic prices. A lack of incremental European demand and tight competition with naphtha in
Ethanol Inventories and Production Soar
U.S. ethanol inventories soared to a 14-month high the week ending
Biofuels Programs Continue to Proceed Actively in Many Countries
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