The Platts pre-report analyst survey of EIA/API estimates suggests a draw of 2.2 million barrels in US oil stocks
Platts Survey of Analysts
- Crude oil stocks down 2.2 million barrels
- Gasoline stocks up 900,000 barrels
- Distillates stocks down 2.1 million barrels
- Refinery utilization or run rate up 0.3 percentage points to 80.3%
New York, NY - December 28, 2009
Weekly oil data from the Energy Information Administration (EIA) and the American Petroleum Institute (API) is expected to show a 2.2 million-barrel draw in U.S. commercial crude stocks for the reporting week ending December 25, analysts polled by Platts said Monday.
API is scheduled to release its data at 4:30 p.m. EST (2130 GMT) Tuesday. EIA's report is to be released at 10:30 a.m. EST (1530 GMT) Wednesday.
“Crude imports are likely to remain low with tankers being held out at sea due to end-of-year tax considerations,” said Linda Rafield, senior oil analyst and editor of the weekly Futures and Derivatives Review. Crude imports slipped 65,000 barrels per day (b/d) to 7.707 million b/d the week ending December 18, according to data from EIA. As a result of low imports, U.S. commercial crude stocks have declined a cumulative 12.353 million barrels to 327.546 million barrels. As is seasonal, crude imports are likely to rebound sharply the second week in January.
Refinery utilization is expected by analysts to edge up 0.3 percentage points to 80.3%, based on last week's EIA data. “The combination of less-than-average import levels and unseasonably low throughputs would result in another pull on crude and product stocks,” said Rafield.
But gasoline stocks are projected to build 900,000 barrels with demand taking a hit due to storms in the Midwest. “Gasoline demand rebounded the previous week, which is in line with seasonal tendencies, as product moves through the distribution system ahead of the holidays,” Rafield added.
Stocks of middle distillates are expected by analyst to draw 2.1 million barrels, the result of higher demand levels as sub-freezing temperatures clobbered the Midwest and Atlantic Coast.
Platts Futures and Derivatives Review is published as a supplement to Platts Oilgram Price Report.
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