The Platts pre-report survey of analysts’ EIA/API estimates suggest a build of 2.1 million barrels in US crude oil stocks
Platts Survey of Analysts
- Crude oil stocks up 2.1 million barrels
- Gasoline stocks down 2.1 million barrels
- Distillates stocks down 1.3 million barrels
- Refinery utilization, or run rate, up 0.4 percentage point to 82.3%
New York - October 18, 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 2.1 million barrels in U.S. commercial crude oil stocks for the reporting week ended October 15, analysts polled by Platts said Monday.
API is scheduled to release its weekly data at 4:30 p.m. EDT (2030 GMT) Tuesday. EIA's weekly oil statistics will be released at 10:30 a.m. EDT (1430 GMT) Wednesday.
Crude oil stocks are likely to build given the current low level of refinery inputs due to seasonal maintenance programs.
“Crude imports should rebound from last week's exceptionally low 8.128-million-barrel-per-day (b/d) level that can likely be attributed to the two-day closure in the Houston Ship Channel.” said Linda Rafield, Platts senior oil analyst and editor of the weekly Platts Futures and Derivatives Review, a supplement to Platts’ Oilgram Price Report. The two-day delay in offloading crude cargoes, due to a downed power line, is expected to be reflected in this week's data.
Analysts expect gasoline stocks to decline by 1.2 million barrels. “Low refiner output should trump the recent decline in demand, causing inventories to further erode,” Rafield said.
Stocks of middle distillates are projected by analysts to decline 1.3 million barrels, also resulting from low levels of production.
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