The Platts pre-report survey of analysts’ EIA/API estimates suggest a draw of 2.4 million barrels in U.S. crude oil stocks
Platts Survey of Analysts
- Crude oil stocks down 2.4 million barrels
- Gasoline stocks down 1.5 million barrels
- Distillates stocks up 1.1 barrels
- Refinery utilization, or run rate, down 0.6 percentage point to 90.6%
New York - August 9, 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 2.4 million barrels in US commercial crude oil stocks for the reporting week ending August 6, 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 likely to rebound from last week's 1.524-million-barrel-per-day (b/d) drop given the still narrow spread in the front of the New York Mercantile Exchange (NYMEX) crude curve.
Analysts expect refinery runs to decline by 0.6 percentage points to 90.6%, responding to the recent pullback in demand and slightly lower margins.
“Even though runs are expected to decline, crude stocks are likely to draw during this reporting week given the 9.596-million-b/d import level for the week ending July 30,” said Linda Rafield, Platts senior oil analyst and editor of the weekly Futures and Derivatives Review, a supplement to Oilgram Price Report.
Gasoline stocks are expected to decline 1.5 million barrels as refiners throttle back on output in reaction to the recent slide in demand.
“Historically, gasoline demand swings back to the upside in August, but given the downturn in consumer confidence and a disappointing jobs report last Friday, demand may not bounce back,” Rafield said.
Analysts project stocks of middle distillates to build 1.1 million barrels, in line with seasonal tendencies. “Refiners appear to have ceded driving season and are instead focused on output of middle distillates,” added Rafield.
# # #
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.
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.