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OIL: EIA US Oil Stocks Preview: Small Builds Expected

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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 build by 0.71mbbls, gasoline to build 0.08mbbl and distillates to build 0.09mbbl for the week to Sept. 6, a Bloomberg survey shows. Expectation counters API data suggesting an extension of the US crude draws since June with Cushing stocks to the lowest since Nov. US crude inventories fell last week driven by a drop in imports, a small increase in exports and higher refinery runs. Crude exports are still below 4mb/d with overseas demand limited by weaker global margins. Refinery utilisation held at the highest since mid July at 93.3% but is expected to fall 0.8% this week.
  • Gasoline stocks last week showed a small build on higher production and a drop in demand to offset lower imports. Four week implied demand was marginally down to hold just below the previous five year average. US gasoline demand fell 3.8% last week to 8.79mb/d according to GasBuddy. The Labor Day weekend typically marks the end of the peak summer driving season.
  • Distillates stocks showed a small decline with increased production offset by a small increase in implied demand. Distillates inventories in PADD 1 rose to the highest since March 2023 but were offset by a draw on the US Gulf Coast. Four week average implied distillate demand has recovered back up to the low end of the previous five year range but remains well below seasonal normal levels.
  • The API data yesterday showed a crude draw of 2.79mbbl, a Cushing draw of 2.6mbbl, gasoline draw of 0.51mbbl and distillates build of 0.19mbbl.
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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 build by 0.71mbbls, gasoline to build 0.08mbbl and distillates to build 0.09mbbl for the week to Sept. 6, a Bloomberg survey shows. Expectation counters API data suggesting an extension of the US crude draws since June with Cushing stocks to the lowest since Nov. US crude inventories fell last week driven by a drop in imports, a small increase in exports and higher refinery runs. Crude exports are still below 4mb/d with overseas demand limited by weaker global margins. Refinery utilisation held at the highest since mid July at 93.3% but is expected to fall 0.8% this week.
  • Gasoline stocks last week showed a small build on higher production and a drop in demand to offset lower imports. Four week implied demand was marginally down to hold just below the previous five year average. US gasoline demand fell 3.8% last week to 8.79mb/d according to GasBuddy. The Labor Day weekend typically marks the end of the peak summer driving season.
  • Distillates stocks showed a small decline with increased production offset by a small increase in implied demand. Distillates inventories in PADD 1 rose to the highest since March 2023 but were offset by a draw on the US Gulf Coast. Four week average implied distillate demand has recovered back up to the low end of the previous five year range but remains well below seasonal normal levels.
  • The API data yesterday showed a crude draw of 2.79mbbl, a Cushing draw of 2.6mbbl, gasoline draw of 0.51mbbl and distillates build of 0.19mbbl.