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US Crude & Product Stockpiles Seen Falling: Platts

OIL

US crude and product stockpiles were seen falling last week, according to a Platts survey.

  • Crude inventories are seen falling by 2.77m bbl in the week to July 19, putting stocks 4.7% below the five-year average. This compares to a Reuters survey of a 2.5m bbl draw and an initial Bloomberg survey showing a 3m bbl draw.
  • Gasoline inventories are seen falling by 1.42m bbl, compared to a draw of 0.5m bbl in the Reuters survey and a build of 0.66m bbl in the preliminary Bloomberg survey.
  • Gasoline demand is expected to increase to 9.2m b/d, up from 8.78m b/d, Platts said.
  • Distillate inventories are seen down by 240k bbl, compared to a Reuters estimate of a 30k bbl build and a Bloomberg estimate of a 0.95m bbl build.
  • Refinery runs are seen down 0.4 percentage points on the week. The Reuters survey showed a fall of 0.3 percentage points.
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