The Platts pre-report survey of analysts’ EIA/API estimates suggest a build of 1.5 million barrels in US crude oil stocks
Platts Survey of Analysts
- Crude oil stocks up 1.5 million barrels
- Gasoline stocks down 1.6 million barrels
- Distillates stocks down 1.5 million barrels
- Refinery utilization, or run rate, up 0.6 percentage point to 83.7%
New York - October 11, 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 1.5 million barrels in U.S. commercial crude oil stocks for the reporting week ended October 8, analysts polled by Platts said Monday.
API is scheduled to release its weekly data at 4:30 p.m. EDT (2030 GMT) Wednesday and EIA's weekly oil statistics will be released Thursday at 11:00 am EDT (1500 GMT). Both data reports are delayed one day than normal due to the observance of Columbus Day (U.S.).
“Given the low level of refinery inputs and assuming a steady level of imports, crude stocks are likely to build, as is usually the case during maintenance season,” said Linda Rafield, Platts senior oil analyst and editor of the weekly Futures and Derivatives Review, a supplement to Oilgram Price Report.
Analysts expect refinery inputs to rebound 0.6 percentage point to 83.7%, based on EIA data.
Gasoline stocks are projected by analysts to decline 1.6 million barrels as low output by refiners continues to erode inventories. A continued decline in gasoline demand could temper the depth of the stock draw. Gasoline demand decreased 394,000 barrels per day (b/d) to 8.989 million b/d, a more seasonal reading.
Inventories of middle distillates are expected to drop 1.5 million barrels on low refiner production and an uptick in demand. “A two-day wave of cooler temperatures along the Atlantic Coast may have pulled in heating oil stocks,” Rafield said.
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