EIA’s December Petroleum Supply Month-to-month data show that exports of noncrude petroleum products from the United States averaged three.Eight million b/d in 2014, a rise of 347,000 b/d from 2013, and a new document high. Increased exports of motor gasoline and hydrocarbon gas liquids (HGL), together with propane and butane, have been the primary contributors to the pattern, whereas exports of distillate decreased.
File-excessive US refinery runs, which averaged 16.1 million b/d in 2014, and elevated global demand for petroleum products allowed US petroleum product exports to extend for the 13th consecutive yr. US exports are principally despatched to close by markets in Central America and South America, which grew 12 months-over-12 months by 172,000 b/d (15%), adopted by exports to Canada and Mexico, which rose 80,000 b/d (8%). The only decline in exports was to the Middle East, which went from 55,000 b/d in 2013 to 47,000 b/d in 2014. Nonetheless, in 2014, there was more change on a product-by-product foundation, each in quantity exported and destination—in explicit exports of motor gasoline, HGLs, and distillate.
December 2014 exports of motor gasoline, which include finished gasoline and gasoline blending parts, set a report excessive at 875,000 b/d. For the previous a number of years, month-to-month exports of gasoline have been highest in November and December. As famous in a latest EIA analysis, low seasonal US gasoline demand in December creates a larger surplus of gasoline, significantly on the US Gulf Coast (PADD 3), leading to elevated exports to destinations farther afield similar to Africa and Asia. As proof of this pattern, exports of motor gasoline to Africa and Asia rose 2200 b/d (6%) and 1200 b/d (20%), respectively, in 2014. The most important improve was in exports of motor gasoline to Central America and South America, which elevated 42,000 b/d (27%). The main recipients were Ecuador, Colombia, and Panama.
Increased US manufacturing and capability to export HGLs, particularly on the US Gulf Coast, allowed exports of propane and butane to extend by 121,000 b/d (40%) and 44,000 b/d (149%), respectively, over 2013. Exports of propane to Asia, notably Japan and China, where the fuel is utilized in cooking, heating, transportation, and as a petrochemical feedstock, nearly doubled in 2014 from 2013, rising 40,000 b/d (95%). Propane exports to Central America and South America, traditionally the principal vacation spot for US propane, elevated 31,000 b/d (21%) from 2013. Exports of butane, which shares some uses with propane however is extra suitable for use in hotter climates, grew to 74,000 b/d. In 2014, the United States exported 20,000 b/d of butane to Africa, a rise of 17,200 b/d (628%) from a yr earlier.
Will increase in motor gasoline and HGL exports offset a decline in distillate exports, which decreased 19,500 b/d, the first 12 months-over-year decline in distillate exports since 2003. Whereas exports of distillate elevated yr-over-yr to conventional US export destinations like Central America and South America, whose imports from the United States rose 39,000 bbl/d (7%), and North America, which grew 3000 b/d (2%), they were offset by declines in exports to Western Europe and Africa, which decreased by sixty two,000 b/d (15%) and 8700 b/d (35%), respectively, in 2014. Within the second half of the year elevated European refinery runs, exports from recently upgraded Russian refineries, and new refinery capacity within the Center East increased supply to European distillate markets, lowering the need for distillate from the US.
US average gasoline worth up US$0.14, diesel prices improve
The US common retail price for common gasoline rose $zero.14 over final week, to $2.Forty seven/gal as of three March 2015, down $1.01/gal from a year ago. The massive single week improve in the US average is the consequence of upper crude oil prices handed by means of to retail gasoline, exacerbated by a larger West Coast value improve on account of regional refinery disruptions. The West Coast worth increased $0.37 to $3.13/gal. The Gulf Coast value was up $zero.Eleven to $2.2/gal, followed by the Midwest worth, which rose $zero.10 to $2.Three/gal. The East Coast and Rocky Mountain worth each increased $zero.08 to $2.39/gal, and $2.12/gal, respectively.
The US common value for diesel gasoline elevated 4 cents from the week prior to $2.94 per gallon, down $1.08/gal from the same time last year. The East Coast value elevated eight cents, to $3.08/gal. The West Coast value rose three cents to $3.08/gal, and the Rocky Mountain value increased $zero.02 to $2.78/gal.
The Midwest value rose $zero.02 to $2.85/gal, while the Gulf Coast value was up less than $zero.01 to $2.Eighty/gal.
US propane stocks decreased by 4.2 million bbl final week to fifty five.1 million bbl as of 27 February 2015, 27.9 million bbl (102.Eight%) larger than a year ago. Midwest inventories decreased by 2.5 million bbl and East Coast inventories decreased by zero.9 million bbl. Gulf Coast inventories decreased by 0.6 million bbl and
Rocky Mountain/West Coast inventories decreased by zero.2 million bbl. Propylene non-fuel-use inventories represented 8.1% of complete propane inventories.
As of two March 2015, residential heating oil prices averaged almost $three.29 per gallon, 10 cents per gallon higher than last week, and virtually $zero.Ninety four/gal lower than last yr’s worth for a similar week. Wholesale heating oil prices averaged $2.37/gal, practically $zero.07/gal increased than last week and nearly $0.Ninety nine/gal lower when in comparison with the identical time last 12 months.
Residential propane prices averaged simply under $2.30/gal, about $0.01/gal higher than last week, and $zero.94/gal less than the value at the same time last year. The typical wholesale propane value increased by $zero.03/gal this week to $0.78/gal, nearly $zero.Seventy three/gal lower than the 3 March 2014 value.