MNI BRIEF: Japan Nov CGPI Rises 3.7% Y/Y, Import Prices Drop

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

TRUDEAU SAYS IT LOOKS LIKE BOC WILL BE LOWERING RATE AGAIN

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI China Daily Summary: Tuesday, December 10

MNI: USDA: 2024/2025 CORN PRODUCTION EST 15.14B BSL

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

OIL: EIA Oil Stocks Preview: Small Crude Draw Expected

OIL
BulletEnergy BulletsCommodities

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

  • Crude inventories are expected to draw by 0.63bbl, gasoline to draw 0.40mbbl and distillates to draw 1.68mbbl for the week to Sept. 27, a Bloomberg survey shows.
  • US crude inventories fell to the lowest since April 2022 in data last week driven by a larger than expected drop in refinery runs and despite a decline in weekly exports. Production remained unchanged at 13.2mbpd. The impact of Hurricane Helene on Gulf of Mexico production was limited as the storm passed to the east of most production areas. Cushing stocks remain near tank bottom levels despite last week showing the first gain in seven weeks. API data showed another build this week. Refinery utilisation has fallen from a high of 93.3% in August amid seasonal maintenance but remains above 90%. Utilisation is expected to fall a further 0.50% this week.
  • Gasoline stocks drew last week with an increase in weekly implied demand to more than offset a rise on production in the week. Four week implied gasoline demand edged lower to hold in line with the seasonal normal and the post summer trend lower. U.S. gasoline demand edged 0.7% lower w/w for the week ending September 28 to 8.61mb/d according to GasBuddy data.
  • Distillates inventories also showed a draw due to higher implied demand combined with a drop in production in data last week. Four week average implied distillate demand rose to the highest since Nov. 2023 to maintain just above the previous five year seasonal average.
  • The API data yesterday showed a crude draw of 1.5mbbl, a Cushing build of 0.7mbbl, gasoline build of 0.9mbbl and distillates draw of 2.7mbbl.
281 words

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.

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

  • Crude inventories are expected to draw by 0.63bbl, gasoline to draw 0.40mbbl and distillates to draw 1.68mbbl for the week to Sept. 27, a Bloomberg survey shows.
  • US crude inventories fell to the lowest since April 2022 in data last week driven by a larger than expected drop in refinery runs and despite a decline in weekly exports. Production remained unchanged at 13.2mbpd. The impact of Hurricane Helene on Gulf of Mexico production was limited as the storm passed to the east of most production areas. Cushing stocks remain near tank bottom levels despite last week showing the first gain in seven weeks. API data showed another build this week. Refinery utilisation has fallen from a high of 93.3% in August amid seasonal maintenance but remains above 90%. Utilisation is expected to fall a further 0.50% this week.
  • Gasoline stocks drew last week with an increase in weekly implied demand to more than offset a rise on production in the week. Four week implied gasoline demand edged lower to hold in line with the seasonal normal and the post summer trend lower. U.S. gasoline demand edged 0.7% lower w/w for the week ending September 28 to 8.61mb/d according to GasBuddy data.
  • Distillates inventories also showed a draw due to higher implied demand combined with a drop in production in data last week. Four week average implied distillate demand rose to the highest since Nov. 2023 to maintain just above the previous five year seasonal average.
  • The API data yesterday showed a crude draw of 1.5mbbl, a Cushing build of 0.7mbbl, gasoline build of 0.9mbbl and distillates draw of 2.7mbbl.