The Platts pre-report survey of analysts’ EIA/API estimates suggest a draw of 3.2 million barrels in US crude oil stocks
Platts Survey of Analysts
- Crude oil stocks down 3.2 million barrels
- Gasoline stocks up 1.7 million barrels
- Distillates stocks up 500,000 barrels
- Refinery utilization, or run rate, unchanged at 87.7%
New York - December 27, 2010
Weekly oil data from the US Energy Information Administration (EIA) and the American Petroleum Institute (API) is expected to show a draw of approximately 3.2 million barrels in US commercial crude stocks for the reporting week ended December 24, analysts polled by Platts said Monday.
API is scheduled to release its weekly data at 4:30 pm ET (2030 GMT) Tuesday. EIA's weekly oil statistics will be released at 10:30 am ET (1430 GMT) Thursday.
“US crude imports are likely to drop off from last week's 8.741-million-barrel-per-day (b/d) level given that most refiners keep tankers at sea due to tax considerations until the New Year,” said Linda Rafield, senior oil analyst at Platts. “Lower crude imports combined with a steady refinery run rate should further erode inventories, a seasonal occurrence and a trend that is apt to reverse itself in January.”
Analysts expected refinery utilization to remain unchanged at 87.7%.
Gasoline stocks are anticipated by analysts to climb by 1.7 million barrels as demand starts to fade after two consecutive weeks of strong consumption readings. “But gasoline demand tends to climb ahead of the holidays as product moves through the pipelines to meet higher end-consumption levels,” said Rafield.
Inventories of middle distillates are expected to edge up 500,000 barrels with moderate temperatures expected to thwart a pick-up in demand for heating oil. Heating oil demand tends to ramp up in late December, leaving consumption of diesel as the primary determinant of a stock change.
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