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What to Watch: EIA gas and oil stocks

  • The latest EIA weekly gas inventories for the week ending 1 Sep will be released this afternoon at 15:30BST. The expectation is for a build of +41bcf according to a Bloomberg survey compared to a build of +32bcf last week and the seasonal normal of +51bcf. The US storage surplus has seen a gradual decline in recent weeks.
  • The day delayed EIA weekly petroleum inventory data is due for release this afternoon at 16:00BST. EIA data is expected to show a draw in crude and gasoline stocks with a small build in distillates according to a Bloomberg survey. Refinery utilisation is expected to show a small decline following on from the fall last week.
  • The updated Insights Global European ARA product inventories will be released today. Gasoil stocks were last week well below normal at 1.857 mt compared to the five year average of 2.33m mt. ARA Gasoline stocks were last week still high at 1.344m mt compared to the five year average of 1.04m mt for this time of year.

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