Recap: Renewed concerns over Libya's reduced export ability with reports of escalating violence along with OPEC output for November declining to its lowest level in about two years helped support NYMEX Crude (WTI) on Friday. NYMEX Crude closed up 42 cents to 92.72. Interestingly, even with this news, ICE Brent closed down $1.17 to 109.69, thus narrowing the Brent-WTI Spread to just under $17 to 16.97 after being over $18 last week.
Currently, NYMEX Crude (WTI) is up 43 cents to 93.15, ICE Brent Crude is down 5 cents to 109.64, NYMEX ULSD (HO) is down 19 points to 3.0289, and NYMEX Gasoline is up 68 points to 2.6696.
DOE Weekly Inventory Highlights:
The bigger news lingering from last week's EIA inventory report is record U.S. commercial crude stocks. However, this new phenomenon has to be coupled with distillate stocks that are shrinking. This new dynamic can be summed up in the following highlights:
*Total commercial crude oil stocks up highest since EIA started reporting in 1982. BUT Lowest US distillates stock levels since 1982.
*Total US Distillate Exports up 28% since last week
*Total US Exports of Petroleum Products up 19% since last week
*ULSD Stocks down 25% since last week, PADD 1 down 7.3%
*High Sulfur (>500 ppm) stocks up 6.3%, PADD 1, up .9%
*Total Refinery Runs are up post maintenance, 89.4% BUT PADD 1-East Coast is at 76.2%. PADD 1 Refinery Runs have not been above 80% since going on maintenance the first week of October.
Planning this week: The Northeast Weather Services "NEWS" (administered by NEFI) released its weather trends on Friday, November 29th. Expected Heating Degree Days (HDDs) both as a % of normal HDDs and the average HDDs for the period through December 8th, are all normal to slightly up across the following Northeast locations:
New York: NYC 102%, Binghamton 104%, Albany 104%, Newburgh 101%
New Jersey: Newark 104%, Trenton 103%
Pennsylvania: Philly 106%
Massachusetts: Boston 101%, Worcester 105%, Chicopee 113%
Connecticut: Hartford 104%, Bridgeport 104%, New Haven 103%
NH: Manchester 102%, Portsmouth 111%, Lebanon 102%, Concord, 103%
Maine: Portland 104%, Augusta 104%, Bangor 103%
Vermont: Burlington 106%, Rutland 104% View today's refined products market watch report in a downloadable format.