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OIL: EIA Oil Stocks Preview: Small Crude Draw Expected Amid Hurricane Disruption

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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 0.21mbbls, gasoline to build 1.14mbbl and distillates to build 0.99mbbl for the week to Sept. 13, a Bloomberg survey shows. Expectation counters API data suggesting a crude build on the week although the data suggested another draw at Cushing, keeping stocks at the lowest since November. Hurricane Francine impacted Gulf of Mexico operations during the week with ports closed and shut in production peaking at about 730mb/d or 42% of crude oil output in the region. Gulf Coast refinery operations were also impacted with utilisation this week expected to fall 1.26%.
  • Gasoline stocks last week showed a larger than expected build with lower implied demand offsetting a drop in production in the week. Four week implied demand is following the seasonal trend lower to remain just below the five year average at the end of the summer driving season.US gasoline demand ended the 2024 summer driving season well below pre-Covid pandemic levels, Argus said, while GasBuddy showed demand rose marginally by 0.2% w/w for the week to September 14 to 8.48mb/d. Summer gasoline blend is now done for 49 of the nation's 50 states (not California).
  • Distillates stocks also rose more than expected last week largely due to lower demand and despite an increase in exports and small rise on production. East Coast inventories rose to the highest since Jan 2022 ahead of the demand pick up due to the upcoming heating season. The four week average implied distillate demand was still below seasonal normal levels.
  • The API data yesterday showed a crude build of 1.96mbbl, a Cushing draw of 1.4mbbl, gasoline build of 2.34mbbl and distillates build of 2.3mbbl.
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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 0.21mbbls, gasoline to build 1.14mbbl and distillates to build 0.99mbbl for the week to Sept. 13, a Bloomberg survey shows. Expectation counters API data suggesting a crude build on the week although the data suggested another draw at Cushing, keeping stocks at the lowest since November. Hurricane Francine impacted Gulf of Mexico operations during the week with ports closed and shut in production peaking at about 730mb/d or 42% of crude oil output in the region. Gulf Coast refinery operations were also impacted with utilisation this week expected to fall 1.26%.
  • Gasoline stocks last week showed a larger than expected build with lower implied demand offsetting a drop in production in the week. Four week implied demand is following the seasonal trend lower to remain just below the five year average at the end of the summer driving season.US gasoline demand ended the 2024 summer driving season well below pre-Covid pandemic levels, Argus said, while GasBuddy showed demand rose marginally by 0.2% w/w for the week to September 14 to 8.48mb/d. Summer gasoline blend is now done for 49 of the nation's 50 states (not California).
  • Distillates stocks also rose more than expected last week largely due to lower demand and despite an increase in exports and small rise on production. East Coast inventories rose to the highest since Jan 2022 ahead of the demand pick up due to the upcoming heating season. The four week average implied distillate demand was still below seasonal normal levels.
  • The API data yesterday showed a crude build of 1.96mbbl, a Cushing draw of 1.4mbbl, gasoline build of 2.34mbbl and distillates build of 2.3mbbl.