US spot prices end mixed as rising stocks cap markets.

摘要

Spot product prices mostly decreased in the week to July 10, and although the gasoline markets were strong, higher inventories kept prices in check, except on the West Coast where prices skyrocketed. Gasoline sentiment remained firmed but eased following the US EIA's inventory report on Wednesday that showed a surprise stockbuild. Inventories climbed 1.3MM bbl to 218.0MM bbl, partially rebounding from the previous week and surprising analysts who had anticipated a draw of 0.3MM bbl. Market watchers noted that the build was largely due to a sharp increase in imports. On the Gulf Coast, differentials were underpinned by domestic and export demand, but the upside was limited by a sharp increase in regional stocks that nearly doubled the national build. "I think the big mover is talk of gasoline cargoes heading out of the US Gulf Coast to South America and Mexico," a broker said. Also adding support were reports that an attempted restart of a gasoline-making unit at Valero Energy's Port Arthur, Texas refinery was not going smoothly. The unit suffered an unplanned outage over the weekend of July 4-5. Furthermore, a leak and shutdown at the Bengal refined fuels pipeline operated by Royal Dutch Shell in Louisiana added to the bullishness, traders noted. On Friday, however, the market eased back as refineries ran at high rates to increase supply.