In crude, it was another relatively uneventful week, with prices staying in the low $40s. Saudi Arabia is keeping a tight lid on the OPEX + supply cuts (currently 7.7 MM bpd), which is keeping prices stable for now. Despite so much production being on the backburner (Venezuela, Iran, OPEC +), IEA outlooks remain bearish for the next 18-months. It’s no wonder BP is switching its strategy to windmills, Indian gas stations, and algae.
Hurricane Laura and Marco are heading to the Gulf Coast - presenting a likely run on gas stations and possible refinery outages. The most recent EIA data showed total products supplied over the last four-week period averaged 18.4 million barrels a day, down by 14.3% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.7 million barrels a day, down by 9.9% from the same period last year. Distillate fuel product supplied averaged 3.6 million barrels a day over the past four weeks, down by 6.1% from the same period last year. Jet fuel product supplied was down 47.6% compared with the same four-week period last year.
On Friday, a dredging vessel hit a propane pipeline in the Port of Corpus Christi, causing a large explosion, fire, and fear of 4 lost lives. Propane exports (which mainly leave the Enterprise Hydrocarbon Terminal in Houston - EHT) were stable for the week ending August 14th. U.S production of propane has remained surprisingly strong at 2.2 MM bpd - slightly higher than at the same time in 2019.
Crude
China charters 19 tankers for record US crude oil shipment
$40 Oil Isn't High Enough For Indebted US Shale Drillers
Oil firms evacuate staff, curb offshore production ahead of twin storms
Exxon limits Guyana crude output due to more gas injection issues
Crude Oil Price Forecast - Crude Oil Markets Get Hit on Friday With Surging Dollar
Saudi Aramco Suspends $10 Billion China Oil Refinery Venture
Machine Learning Saves Millions By Predicting Crude-Hauler Rejects: Part 2
Refined Products
AAA: Gas Prices Have Likely Peaked for the Year
How Hurricanes Cause Oil, Gasoline and Diesel Price Changes
Oil Is Down Because Jet Fuel Demand Could Stay Weak
NGLs
A Propane Molecule's Journey to Mont Belvieu and Beyond
Barge hits propane pipeline in Port of Corpus Christi, causing explosion
US PDH margins reach 10-month high amid reduced propylene supply
Marco strengthens to hurricane, changes course to Louisiana
Video: Propane Buzz: Continued Strength of Propane production and Derecho hits Iowa and Illinois
