The Platts pre-report survey of analysts’ EIA/API estimates suggest a draw of 2.25 million barrels in U.S. crude oil stocks
Platts Survey of Analysts
- Crude oil stocks down 2.25 million barrels
- Gasoline stocks down 1.6 million barrels
- Distillates stocks up 1.4 barrels
- Refinery utilization, or run rate, down 1.1 percentage point to 87%
New York - August 16, 2010
Weekly oil data from the U.S. Energy Information Administration (EIA) and the American Petroleum Institute (API) is expected to show a draw of approximately 2.25 million barrels in U.S. commercial crude oil stocks for the reporting week ending August 13, analysts polled by Platts said Monday.
API is scheduled to release its data at 4:30 p.m. ET (2130 GMT) Tuesday. EIA's report will be released at 10:30 a.m. ET (1530 GMT) Wednesday.
Crude imports are not apt to rebound given the still-narrow spread in the front of the New York Mercantile Exchange (NYMEX) futures curve,” said Linda Rafield, Platts senior oil analyst and editor of the weekly Futures and Derivatives Review, a supplement to Oilgram Price Report.Crude imports dipped 188,000 barrels per day (b/d) to 9.441 million b/d the week ending August 6, according to data from EIA.
Analysts expect refinery inputs to drop by 1.1% to 87%, responding to the recent deceleration in demand.
Gasoline stocks are expected by analysts to decline 1.6 million barrels as refiners throttle back in production. “While output is projected to decrease, historically demand does rebound in August – the height of driving season,” added Rafield.
Analysts project middle distillates inventories to increase 1.4 million barrels with demand remaining at low levels and refiners favoring yields higher than those for gasoline.
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