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OIL: EIA Oil Stocks Preview: Small Crude and Product Draws 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 draw by 0.52mbbl, gasoline to draw 0.39mbbl and distillates to draw 0.05mbbl for the week to Nov. 22, a Bloomberg survey average shows.
  • US crude inventories last week rose for a third straight week to the highest since early August driven by higher Gulf Coast imports although partly offset by a further recover in exports. Cushing stocks remain near the five year range lows. Production fell back to 13.2mb/d but offset by an unexpected fall in refinery runs to 90.2%. Gulf Coast runs fell for the first time in seven weeks. An average of 291kb/d of refining capacity was expected offline for week ending Nov. 22 down from 607kb/d the week prior, IIR Energy said last week. A Bloomberg survey shows a small 0.08 percentage points decline this week.
  • Gasoline stocks rose unexpectedly last week with a large drop in weekly implied demand but offset by lower production on the week.  The four week average implied gasoline demand edged lower but remains in line with the previous five year average for the time of year. Average retail gasoline prices may fall below $3/gal ahead of Thanksgiving travel, serving it a boost according to Gas Buddy. TSA is also expecting record air travel while AAA estimates a record 80m people will travel this Thanksgiving, up by 1.5m people vs last year.
  • Distillates stocks were almost unchanged in data last week amid lower production as well as a drop in demand. The four week average fell further below the previous seasonal five year range and back to late September levels.
  • The API data yesterday showed a crude draw of 5.9mbbl, a Cushing draw of 0.7mbbl, a gasoline build of 1.8mbbl and distillates build of 2.5mbbl.
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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 draw by 0.52mbbl, gasoline to draw 0.39mbbl and distillates to draw 0.05mbbl for the week to Nov. 22, a Bloomberg survey average shows.
  • US crude inventories last week rose for a third straight week to the highest since early August driven by higher Gulf Coast imports although partly offset by a further recover in exports. Cushing stocks remain near the five year range lows. Production fell back to 13.2mb/d but offset by an unexpected fall in refinery runs to 90.2%. Gulf Coast runs fell for the first time in seven weeks. An average of 291kb/d of refining capacity was expected offline for week ending Nov. 22 down from 607kb/d the week prior, IIR Energy said last week. A Bloomberg survey shows a small 0.08 percentage points decline this week.
  • Gasoline stocks rose unexpectedly last week with a large drop in weekly implied demand but offset by lower production on the week.  The four week average implied gasoline demand edged lower but remains in line with the previous five year average for the time of year. Average retail gasoline prices may fall below $3/gal ahead of Thanksgiving travel, serving it a boost according to Gas Buddy. TSA is also expecting record air travel while AAA estimates a record 80m people will travel this Thanksgiving, up by 1.5m people vs last year.
  • Distillates stocks were almost unchanged in data last week amid lower production as well as a drop in demand. The four week average fell further below the previous seasonal five year range and back to late September levels.
  • The API data yesterday showed a crude draw of 5.9mbbl, a Cushing draw of 0.7mbbl, a gasoline build of 1.8mbbl and distillates build of 2.5mbbl.