F2 RBOB weakened by 1.25 cents to trade 0.75 cent per gallon above benchmark futures. Inventories in the New York harbor region rose by 373,000 barrels last week, traders who saw data from market intelligence firm Genscape said on Tuesday.
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Genscape is a company that tracks hundreds of industrial enterprises using drone videos and other proprietary tracking techniques. You can view footage of the progress at the Tesla Gigafactory in Sparks, Nevada in their video. The place is starting to look really huge, as construction continues at a rapid pace. It reports that 1,500 Model 3 battery packs have left the Gigafactory and are on their way to Fremont, California, where they will be installed in Model 3 sedans.
Figure 2 below shows capacity gas flows into the state over the past year for each of the three main pipes, based on daily pipeline flow data from our friends at Genscape. As the data shows, in the past year Florida normally received between 2.0 and 3.0 Bcf/d of gas from FGT (blue layer) and another 1.0 Bcf/d or so from Gulfstream (orange layer). With Sabal Trail (green layer) now online, that split has shifted a bit.
Genscape, a company that tracks hundreds of industrial facilities in real-time, using proprietary monitoring, is also watching the progress of Tesla’s Gigafactory near Reno, Nevada.
The big value however comes from Genscape estimations of the daily battery production and electric power consumption.
“Genscape has the real-time answers on how effectively Tesla is executing on its ambitious goals. Using an array of patented proprietary monitoring techniques, Genscape is tracking and estimating the daily battery production at the Tesla Gigafactory that is fueling the Model 3 electric vehicle production ramp-up at Tesla’s Fremont Vehicle Plant.
Analysts who missed Thursday's storage build might want to look closely at power burn. Industry consultant Genscape Inc., noting Thursday's thin storage build of 28 Bcf, commented that "relative to last week, total power generation grew about 27 AGWH (average gigawatt hours) driven by an increase of +6 CDDs as well as the impact of the July 4th holiday in the prior week.
Gas burn and coal accounted for +16 and +10 AGWH of generation respectively with the total w/w increase in gas burn totaling about 22.3 Bcf, Genscape said.
More than half a million tonnes of Europe's gasoline sailed for West Africa in the week to July 14 alone, according to industry monitor Genscape, adding to just over 2 million tonnes that sailed in June.
How valuable is this flexibility? I used data on rail and pipeline transportation costs from Genscape, and oil prices in different markets reachable by pipeline and rail from Bloomberg to calculate how often and by how much Bakken producers got a better price for their output due to rail’s flexibility.
As far as supply next week, Genscape reported that oil flows were temporarily shut on the Enterprise-operated 850,000 bpd Seaway pipeline system earlier in the week due to an earthquake. The system, which carries crude from Cushing, OK to the Gulf Coast, resumed normal operators shortly after the shutdowns occurred and may not materially impact supply.
Asia's naphtha crack hit a five-week high of $60.98 a tonne on Wednesday, supported by traders' expectations of an easing glut.
The amount of gasoline on ships outside the ports of Lagos and Lome climbed as high as 1.07 million tonnes in the week to July 7, before dropping back to 950,000 tonnes last week, Genscape data showed.
The U.S. gasoline market has made its way to its strongest footing in weeks on the back of sustained inventory draws and a spate of East Coast refinery issues, traders said on Tuesday.
Gasoline inventories in the New York harbor fell by about 46,000 barrels last week, traders who saw data from market intelligence firm Genscape said on Tuesday.