The Platts pre-report survey of analysts’ EIA/API estimates suggest a draw of 1.3 million barrels in US crude oil stocks
Platts Survey of Analysts
- Crude oil stocks down 1.3 million barrels
- Gasoline stocks up 700,000 barrels
- Distillates stocks down 900,000 barrels
- Refinery utilization, or run rate, down 0.5 percentage point to 85.3%
New York - October 4, 2010
Weekly oil data from the U.S. Energy Information Administration (EIA) and the American Petroleum Institute (API) is expected to show a draw of approximately 1.3 million barrels in US commercial crude oil stocks for the reporting week ended October 1, analysts polled by Platts said Monday.
API is scheduled to release its weekly data at 4:30 pm EDT (2030 GMT) Tuesday. EIA's weekly oil statistics will be released at 10:30 am EDT (1430 GMT) Wednesday.
“An expected decline in refinery run rates will be unable to offset continued low imports,” 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 9.005 million barrels per day (b/d) the reporting week that ended September 24, according to the EIA.
Analysts expect refinery inputs to drop 0.5 percentage point to 85.3% as more facilities underwent maintenance during the week that ended October 1.
Gasoline stocks are expected by analysts to increase 700,000 barrels. ”While gasoline demand jumped 536,000 b/d to 9.383 million b/d, that number is not expected to repeat during this time of year,” Rafield said. “The increase in demand was likely attributable to the changeover to winter grade gasoline from summer grade gasoline,” Rafield added.
Inventories of middle distillates are anticipated to decline 900,000 barrels. A draw in middle distillate stocks is in line with seasonal tendencies.
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