The Platts pre-report survey of analysts’ EIA/API estimates suggest a drop of 3.5 million barrels in U.S. crude oil stocks
Platts Survey of Analysts
- Crude oil stocks down 3.5 million barrels
- Gasoline stocks up 1.3 million barrels
- Distillates stocks up 1.9 million barrels
- Refinery utilization, or run rate, unchanged at 88.4%
New York - July 6, 2010
Weekly oil data from the U.S. Energy Information Administration (EIA) and the American Petroleum Institute (API) is expected to show a 3.5-million-barrel draw in U.S. commercial crude oil stocks for the reporting week ending July 2, analysts polled by Platts said Tuesday.
API is scheduled to release its data at 4:30 p.m. ET (2130 GMT) on Wednesday and EIA's report will be released at 11:00 a.m. ET (1500 GMT) on Thursday, both delayed one day due to the U.S. Fourth of July holiday.
“A combination of production shut-ins in the Gulf of Mexico and a two-day closing of the Louisiana Offshore Oil Port (LOOP), both the result of Hurricane Alex, the first storm of the 2010 season, would cause inventories to decline,” said Linda Rafield, senior oil analyst. By June 30, more than 25% of total U.S. Gulf oil production was shut in while the LOOP closed late June 29 and reopened the evening of July 1.
Inputs to refineries are expected to be unchanged at 88.4%, in line with previous data from EIA.
Analysts expect gasoline stocks to show a build of 1.3 million barrels. “While demand readings have been robust despite high unemployment and low consumer confidence, the likelihood of another implied gasoline demand* reading like that of the June 25 reporting week is fairly low,” said Rafield. The June 25 figure for implied gasoline demand was 9.462 million b/d, which was a combination of product moving through the distribution system and monthly revisions by EIA.
Analysts project stocks of middle distillates to build 1.9 million barrels, in line with seasonal tendencies.
*Implied demand is the amount of product that moves through the U.S. distribution system, not actual end consumption.
# # #
About Platts: Platts, a division of The McGraw-Hill Companies (NYSE: MHP), is a leading global provider of energy and commodities information. With a century of business experience, Platts serves customers across more than 150 countries. An independent provider, Platts serves the oil, natural gas, electricity, emissions, nuclear power, coal, petrochemicals, shipping, and metals markets from 17 offices worldwide. Platts' real-time news, pricing, analytical services and conferences help markets operate with transparency and efficiency. Traders, risk managers, analysts, and industry leaders depend upon Platts to help them make better trading and investment decisions. Additional information is available at http://www.platts.com.
About The McGraw-Hill Companies: Founded in 1888, The McGraw-Hill Companies (NYSE: MHP) is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor's, McGraw-Hill Education, Platts, Capital IQ, J.D. Power and Associates, McGraw-Hill Construction and Aviation Week. The Corporation has more than 280 offices in 40 countries. Sales in 2008 were $6.4 billion. Additional information is available at www.mcgraw-hill.com.