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OIL: EIA Oil Stocks Preview: Another Crude Build Expected

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EIA Oil Inventory Preview: The EIA weekly petroleum status report will be released at 10:30ET (15:30GMT) today.

  • Crude inventories are expected to build by 2.52mbbl, gasoline to build 0.54mbbl and distillates to draw 1.48mbbl for the week to Feb. 7, a Bloomberg survey average shows.
  • US crude inventories have risen in recent weeks with a larger than expected build of 8.66mbbl last week although total stocks remained 3.9% below the seasonal normal.  The build in data last week was driven by a rebound in crude production while exports, imports and refinery runs all also increased. However, Cushing stocks edged lower to remain well below the previous five year range and the seasonal lowest since 2008. Crude flows from Canada to the US will again be in focus after rising prior to the month delay to the potential tariffs.
  • A Bloomberg survey shows a 0.17 percentage points rise in refinery utilisation this week. Refinery utilization partially recovered last week from the large declines seen in January to hold just below the five year average.
  • Distillates stocks fell in data last week driven by lower production and despite a decline in exports.  Four week average surge higher in Jan likely boosted by heating oil demand but could have eased last week amid milder temperatures.
  • Gasoline stocks fell last week with little change in production or implied demand on the week. The four week average implied gasoline demand edged lower to fall just below the previous five year average.
  • The four week average product supplied is up 3.3% y/y driven by distillate up 13.7%, jet up 4.6%.while gasoline is down 0.2%.
  • The API data yesterday showed a large crude build of 9mbbl, a Cushing build of 0.4mbbl, a gasoline draw of 2.5mbbl and distillates draw of 0.6mbbl.
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EIA Oil Inventory Preview: The EIA weekly petroleum status report will be released at 10:30ET (15:30GMT) today.

  • Crude inventories are expected to build by 2.52mbbl, gasoline to build 0.54mbbl and distillates to draw 1.48mbbl for the week to Feb. 7, a Bloomberg survey average shows.
  • US crude inventories have risen in recent weeks with a larger than expected build of 8.66mbbl last week although total stocks remained 3.9% below the seasonal normal.  The build in data last week was driven by a rebound in crude production while exports, imports and refinery runs all also increased. However, Cushing stocks edged lower to remain well below the previous five year range and the seasonal lowest since 2008. Crude flows from Canada to the US will again be in focus after rising prior to the month delay to the potential tariffs.
  • A Bloomberg survey shows a 0.17 percentage points rise in refinery utilisation this week. Refinery utilization partially recovered last week from the large declines seen in January to hold just below the five year average.
  • Distillates stocks fell in data last week driven by lower production and despite a decline in exports.  Four week average surge higher in Jan likely boosted by heating oil demand but could have eased last week amid milder temperatures.
  • Gasoline stocks fell last week with little change in production or implied demand on the week. The four week average implied gasoline demand edged lower to fall just below the previous five year average.
  • The four week average product supplied is up 3.3% y/y driven by distillate up 13.7%, jet up 4.6%.while gasoline is down 0.2%.
  • The API data yesterday showed a large crude build of 9mbbl, a Cushing build of 0.4mbbl, a gasoline draw of 2.5mbbl and distillates draw of 0.6mbbl.