The Platts pre-report survey of analysts’ EIA/API estimates suggest a build of 1.9 million barrels in US crude oil stocks
Platts Survey of Analysts
- Crude oil stocks up 1.9 million barrels
- Gasoline stocks down 1 million barrels
- Distillates stocks up 1 million barrels
- Refinery utilization, or run rate, down 0.4 percentage point to 87.4%
New York - August 30, 2010
Weekly oil data from the U.S. Energy Information Administration (EIA) and the American Petroleum Institute (API) is expected to show a build of approximately 1.9 million barrels in U.S. commercial crude oil stocks for the reporting week ended August 27, 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.
“Another build in crude stocks is likely given the relatively high import levels and the recent drop-off in refinery inputs,” said Linda Rafield, Platts senior oil analyst and editor of the weekly Futures and Derivatives Review, a supplement to Oilgram Price Report.
Crude imports were 9.881 million barrels per day (b/d) during the week ending August 20, according to data from the EIA, while refinery runs fell 399,000 b/d to 15.426 million b/d.
Refinery utilization, or run rate, is expected to decline 0.4 percentage point to 87.3%. “Run rates usually decline after the Labor Day weekend, but the recent deceleration in demand gave refiners economic reason to throttle back on output ahead of the holiday,” said Rafield.
Analysts project gasoline stocks to decline 1 million barrels with lower yields ahead of the end of driving season expected to erode inventories. “Gasoline yields were an exceptionally high 61.12% the week ending August 20,” added Rafield.
Stocks of middle distillates are expected to increase 1 million barrels. “With refiners favoring gasoline over middle distillate yields, production of diesel and heating oil has recently declined, slowing the pace of stock-building,” said Rafield.
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