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EIA Oil Stocks Preview: Crude Draw and Product Builds Expected

OIL

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

  • Crude inventories are expected to draw by 0.89mbbls for the week ending June 7, according to a Bloomberg survey. Crude stocks last week showed a small, unexpected build primarily from the Gulf Coast and West Coast with an increase in both imports and exports. Refinery runs increased again with utilisation up over 95% and crude runs the highest since Dec 2019. Production was again unchanged on the week while the data showed another significant adjustment figure. US seaborne crude exports crossed the 4mbd mark again in May after slipping to 3.8mbd in April helped by growing demand from Asia as European demand slowed according to Vortexa. European buying is expected to recover as refinery maintenance winds down. Overall US refinery utilisation is expected to dip slightly this week by 0.2% w/w according to a Bloomberg survey.
  • Total US gasoline stocks are expected to build by 0.87mbbl and distillates to build by 1.56mbbl, according to a Bloomberg survey. Gasoline inventories last week built as expected with a drop in production and imports offset by lower weekly implied demand. Demand will again be in focus after signs that the rate of increase had slowed last week after seeing a recovery of nearly 0.5mbpd to the highest since July 2023. U.S. retail gasoline demand rose 2.7% for the week ending June 8 and modelled at 8.884mb/d, according to GasBuddy.
  • Distillates stocks also built last week with a decline in implied demand set against a rise in exports on the week. US distillate stocks were up to just 6.5% below the five year average. Four week implied demand continues to disappoint with a pull back last week after gains seen in previous weeks and remains below all recent years except for 2020.
  • The API data released last night showed a crude draw of 2.4mbbl with a draw of 1.9mbbl at Cushing. Gasoline inventories showed a draw of 2.5mbbl and distillates stocks a build of 1.0mbbl.
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Energy BulletsHomepagemarkets-real-timeBulletCommoditiesUS

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