The Platts pre-report survey of analysts’ EIA/API estimates suggest a build of 1.1 million barrels in US crude oil stocks
Platts Survey of Analysts
- Crude oil stocks up 1.1 million barrels
- Gasoline stocks down 875,000 barrels
- Distillates stocks up 950,000 barrels
- Refinery utilization, or run rate, down 0.5 percentage point to 89.5%
New York - August 23, 2010
Weekly oil data from the US Energy Information Administration (EIA) and the American Petroleum Institute (API) is expected to show a build of approximately 1.1 million barrels in US commercial crude oil stocks for the reporting week ended August 20, analysts polled by Platts said Monday.
API is scheduled to release its data at 4:30 p.m. ET (2130 GMT) Tuesday. EIA's report will be released at 10:30 a.m. ET (1530 GMT) Wednesday.
“The build in crude is expected to occur as run rates start to come down with the end of driving season near,” said Linda Rafield, Platts senior oil analyst and editor of the weekly Futures and Derivatives Review, a supplement to Oilgram Price Report.
Analysts polled by Platts expect refinery utilization rates to drop by 0.5 percentage point to 89.5%. “Seasonally, run rates start to edge down in late August as less gasoline is expected to be in demand and before autumn maintenance sets in,” said Rafield.
Gasoline stocks are projected to decline 875,000 barrels. “Demand readings have been exceptionally high recently, a result of the recent move toward winter grade gasolines and away from summer grades, and the movement through the distribution system will likely skew demand readings to the upside," said Rafield.
Stocks of middle distillates are expected to build 950,000 barrels, still in line with seasonal tendencies.
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