The Platts pre-report survey of analysts’ EIA/API estimates suggest a build of 1.2 million barrels in US crude oil stocks
Platts Survey of Analysts
- Crude oil stocks up 1.2 million barrels
- Gasoline stocks down 650,000 barrels
- Distillates stocks down 1.8 million barrels
- Refinery utilization, or run rate, up 0.5 percentage point to 82.9%
New York - November 15, 2010
Weekly oil data from the US Energy Information Administration (EIA) and the American Petroleum Institute (API) is expected to show a build of about 1.2 million barrels in US commercial crude oil stocks for the reporting week ended November 12, analysts polled by Platts said Monday.
API is scheduled to release its weekly data at 4:30 p.m. ET (2030 GMT) Tuesday. EIA's weekly oil statistics will be released at 10:30 a.m. ET (1430 GMT) Wednesday.
“Crude stocks are likely to build until facilities exit turnarounds and run rates rise,” said Linda Rafield, Platts senior oil analyst and editor of the weekly Platts Futures and Derivatives Review, a supplement to Platts’ Oilgram Price Report. “This is in line with seasonal tendencies given low refinery inputs.”
The EIA showed crude oil stocks falling 3.274 million barrels to 364.882 million barrels the week ended November 5, but stocks have generally been on a building trend since the end of September.
Analysts project an increase of 0.5 percentage point in refinery utilization, which would put operating rates at 82.9%, based on the EIA data.
Gasoline stocks are expected to decline by 650,000 barrels. “Gasoline inventories have been decreasing at an abnormally fast rate with demand levels running at unseasonal levels due to high exports,” Rafield said.
Analysts expect middle distillates stock to drop 1.8 million barrels, also with high demand readings likely being skewed by the current pace of exports.
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