The Platts pre-report analyst survey of EIA/API estimates suggests a rise of 400,000 barrels in US oil stocks
Platts Survey of Analysts
- Crude oil stocks up 400,000 barrels
- Gasoline stocks up 300,000 barrels
- Distillate stocks down 900,000 barrels
- Refinery utilization or run rate down 0.1% to 84.8%
New York, NY - November 25, 2008
Analysts expect a 400,000-barrel build in US commercial crude stocks when the U.S. Energy Information Administration (EIA) and American Petroleum Institute (API) release weekly data Wednesday, a Platts survey showed Tuesday. The EIA/API data is scheduled to be reported Wednesday at 10:35 a.m. ET/15:35 GMT.
"An uptick in crude imports given attractive trans-Atlantic arbitrage economics, and refinery runs that were expected to dip slightly, should allow stocks to continue building during the week ending November 21," said David Marino, Platts senior editor.
Analysts were projecting a decline of 0.1 percentage point in refinery utilization to 84.8%, as refinery maintenance edged up amid poor gasoline margins.
Consensus estimates were calling for a build in gasoline stocks of 300,000 barrels. Refiners have trimmed gasoline yields due to poor margins, while demand remains weak despite the steep drop in pump prices.
Analysts were projecting a draw from distillate stocks of 900,000 barrels as below-normal temperatures settled across the northeast U.S. last week, giving a sharp boost to heating oil demand. The draw may be short-lived, however, as there have been reports of Russian gasoil cargoes heading to the U.S. Atlantic Coast, attracted by relatively strong distillate prices.