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Wednesday, February 27, 2013

Big Decline In Gasoline Inventories Over Last Week -- CNBC Reporting

Heard on CNBC, there could be errors:
  • Oil inventories rose less than expected; oil inventories rose 1.1 million bbls; analysts had expected a rise of 2.6 million bbls.
  • Distillate inventories were up  0.5 million bbls.
  • But most interesting: gasoline inventories were down 1.9 million bbls (I believe she said "bbls").
She also referenced the huge Motiva refinery in Port Arthur, a 50-50 joint venture between Shell and Saudi Arabia. By the way, that Motiva refinery might account for increasing Saudi imports that will be reported by the government later today. From a December 3, 2012, post:
As part of the recently completed Motiva 325 Mb/d refinery expansion project, Sunoco built 2 MMBbl of crude storage for Shell and a new 30-inch connecting pipeline between Nederland and the refinery. The $10 B Motiva expansion project was delayed for 6 months by damage to the new crude distillation unit but is expected to come back online this week ( first week of December 2012) and increase the refinery capacity to 600 Mb/d.
I would assume oil from Canadian oil sands would compete with oil from Saudi Arabia for this refinery. 

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