The Platts pre-report analyst survey of EIA/API estimates suggests a 2-million-barrel draw in US oil stocks
Platts Survey of Analysts
- Crude oil stocks down 2 million barrels
- Gasoline stocks up 1.3 million barrels
- Distillates stocks down 2.25 million barrels
- Refinery utilization or run rate up 0.55 percentage points to 80.55%
New York, NY - December 21, 2009
Weekly oil data from the U.S. Energy Information Administration (EIA) and the American Petroleum Institute (API) is expected show a 2-million barrel decline in U.S. commercial crude stocks for the reporting week ending December 18, analysts polled by Platts said Monday.
API is scheduled to release its data at 4:30 p.m. EST (2130 GMT) Tuesday. EIA's report is to be released at 10:30 a.m. EST (1530 GMT) Wednesday.
“The projected decline in U.S. commercial crude stocks is in line with seasonal tendencies as refiners run down inventories due to end-of-year tax considerations,” said Linda Rafield, Platts senior oil analyst and editor of the weekly Futures and Derivatives Review. “Not unusually, tankers are kept out at sea until the beginning of the New Year, keeping import levels at low levels.”
“Low levels of imports and a rebound in refinery utilization should feed into the crude stock draw,” said Rafield. Analysts are projecting an increase in throughputs of 0.55% to 80.55%, based on the prior week's data from EIA.
Gasoline inventories are expected to increase by 1.3 million barrels with output steady and sub-9 million barrels per day (b/d) demand levels keeping the stock-building trend intact.
Stocks of middle distillates are expected by analysts to draw 2.25 million barrels as cold temperatures across the U.S. kick-start demand for heating oil.
Platts Futures and Derivatives Review is published as a supplement to Platts Oilgram Price Report.
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