Last winter, high propane prices, low inventories and logistical and infrastructure challenges prompted emergency measures to address propane supply shortfalls in the Midwest. Given the severity of last winter's supply challenges, market participants are paying close attention to the adequacy of propane supplies to meet agricultural and heating demands this coming season. While the high-demand season is still some months away, an analysis of propane inventory levels, along with an assessment of propane prices and changes in infrastructure and supply flows, provides some insight into the emerging supply picture. .... Original link

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Market fundamentals influencing U.S. and global oil markets have diverged this summer. Record-high seasonal refinery runs and low inventories in the United States have put upward pressure on prices of U.S. domestic crudes West Texas Intermediate (WTI) and Light Louisiana Sweet (LLS), while low demand in Europe and Asia and unplaced West African crude oil cargoes have depressed North Sea Brent prices. As a result, the Brent-WTI spread has narrowed, with WTI prices briefly reaching a premium to Brent prices for the first time since August 2010. While WTI prices quickly returned to a discount to Brent, the Brent-WTI spread remains relatively narrow, with the July spread averaging $3.92/barrel, the lowest level this year and almost 50% below the 2014 average. ... Original link

Unlike in recent years, growth in global gasoline consumption is outpacing diesel growth in 2014. At the same time, new refining capacity engineered to produce more distillate than gasoline is coming online in 2014. The narrowing spread for December 2014 futures contracts demonstrates how these two factors may be temporarily leading to a tighter global gasoline market than was expected at the beginning of the year. ... Original link

Refinery inputs hit a record-high 16.8 million barrels per day (bbl/d) for the week ending July 11, eclipsing the previous record from summer 2005 and more than 280,000 bbl/d higher than a year ago. Inputs remained at 16.8 million bbl/d for the week ending July 18 as well (Figure 1). Inputs at refineries in Petroleum Administration for Defense Districts (PADDs) 2 and 3 (Midwest and Gulf Coast, respectively) were particularly strong, reflecting Midcontinent refiners' recent refinery capacity expansions, growing domestic demand, and increasing exports. ... Original link