The Platts pre-report survey of analysts’ EIA/API estimates suggest a draw of 3.0 million barrels in US crude oil stocks
Platts Survey of Analysts
- Crude oil stocks down 3.0 million barrels
- Gasoline stocks down 2.0 million barrels
- Distillates stocks down 1.5 million barrels
- Refinery utilization, or run rate, down 1% percentage point to 86.5%
New York - December 13, 2010
Weekly oil data from the US Energy Information Administration (EIA) and the American Petroleum Institute (API) will likely show a draw of about three million barrels in U.S. commercial crude oil stocks for the reporting week ended December 10, analysts polled by Platts said Monday.
API is scheduled to release its weekly data at 4:30 p.m. ET (2130 GMT) Tuesday. EIA's weekly oil statistics will be released at 10:30 a.m. ET (1530 GMT) Wednesday.
“Last week's 607,000 barrel-per-day (b/d) jump in crude imports to 9.053 million b/d, which was concentrated in the largely disconnected West Coast area, is not apt to be repeated,“ said Linda Rafield, Platts senior oil analyst and editor of the weekly Futures and Derivatives Review. “Crude imports on the West and Atlantic coasts tend to be erratic and one cargo can dramatically swing weekly data, given limited refining capacity in each region,” Rafield explained.
Analysts said they expect crude runs to drop one percentage point to 86.5%, based on EIA's data, following the previous week's 789,000 b/d climb in refineries inputs. They believe that even if crude runs were to decline 1%, inputs at about 14.754 million b/d amid declining imports would cause a draw-down in inventories.
Analysts anticipate a build of two million barrels in gasoline stocks, with high refiner output trumping a potential pick-up in demand. “Historically, product tends to move through the distribution system to meet increased holiday needs,” Rafield said.
Inventories of middle distillates are expected to decline by 1.5 million barrels, as colder temperatures along the Atlantic Coast, a key consuming area, cause an increase in demand for heating oil.
# # #
About Platts: Platts, a division of The McGraw-Hill Companies (NYSE: MHP), is a leading global provider of energy and commodities information. With a century of business experience, Platts serves customers across more than 150 countries. An independent provider, Platts serves the oil, natural gas, electricity, emissions, nuclear power, coal, petrochemicals, shipping, and metals markets from 17 offices worldwide. Platts' real-time news, pricing, analytical services and conferences help markets operate with transparency and efficiency. Traders, risk managers, analysts, and industry leaders depend upon Platts to help them make better business decisions.
About The McGraw-Hill Companies:Founded in 1888, The McGraw-Hill Companies (NYSE: MHP) is a global information and education company providing knowledge, insights and analysis in the financial, education and business information sectors through leading brands including Standard & Poor's, McGraw-Hill Education, Platts, and J.D. Power and Associates. The Corporation has more than 280 offices in 40 countries. Sales in 2009 were $5.95 billion. Additional information is available at www.mcgraw-hill.com.