MNI BRIEF: Fed's Barr Aims For Broad Consensus On Capital Plan

FED'S BARR: WE THINK FAIRLY SOON WE CAN ADJUST PACE OF QT

FED BARR: EXPECT BROAD, MATERIAL CHANGES TO BASEL III PROPOSAL

MNI EM China Daily Summary: Friday, March 22

MNI China Press Digest Mar 22: Autos, Local Gov, Real-Estate

MNI: PBOC Drains Net CNY11 Bln Via OMO Fri; Rates Unchanged

Bond Supply Calendar: Long BoE APF Sales on Monday

MNI: BAKER HUGHES US RIG COUNT 624; OIL RIGS 509; GAS RIGS 112

EZ/UK T-Bill Calendar: Germany, France Auction Monday

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

EIA Stocks Preview: Further Recovery in Cushing Inventories Expected

OIL

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

  • Crude inventories are expected to build by 0.70mbbls for the week ending 20th January according to a Bloomberg survey, following big builds over the previous couple of weeks. Low refinery utilisation, a dip in exports in early Jan and slightly higher production has contributed to the recent stock builds.
  • Exports should remain supported by a falling WTI-Brent spread which is down to around -6$/bbl from -4.5$/bbl earlier in Jan. The WTI-Brent spread has seen a gradual widening this month helped by the potential disruption to Russian oil flows to Europe and expectation of another build in Cushing. European demand is likely to stay strong especially with the upcoming EU ban on Russian product supply. High planned and unplanned refinery outages in the Midwest and Gulf Coast are assisting a recovery in Cushing stocks which are expected to build again this week. AlphaBBL data is suggesting a build of 4.8mbbls this week. Cushing stocks are recovering but were still over 25% below the five-year average last week.
  • Refinery utilization is expected to continue the recovery as refineries return following the outage due to the severe cold weather at the end of December. Utilisation is expected to increase 1.64% this week to 87% but that is still about 5% below the levels seen before the winter disruption.
  • Gasoline stocks are expected to show a build of +1.30mbbls and distillates a draw of -1.23mbbls. Product exports have been low due to low refinery output, but a recovery could be helped by falling transatlantic freight rates. A slight increase in gasoline implied demand could add to the expected draw in stock levels with refinery rates still recovering.
  • The API data released last night showed another large build in crude stocks of +3.38mbbls with +3.9mbbls at Cushing. Gasoline inventories showed a build of +0.62mbbls and distillates a draw of -1.9mbbls.
Energy BulletsCommoditiesUS
Energy BulletsCommoditiesUS

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.