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What to Watch: US & EU Oil Stock Data

  • The latest Genscape European ARA crude inventories will be released today at 09:00BST. Stocks pick in data last week but remain low at 52.98mbbls compared to the 5- year average for this time of year of 57.05mbbls.
  • The EIA weekly petroleum inventory data is due for release this afternoon at 15:30BST. API data last night showed a draw in crude but a small build in both gasoline and diesel. Larger stock builds in distillates would be required to ease the tight supply situation and recent bullish trend. The implied demand data will again be of interest especially for gasoline markets with concerns for future growth putting downside pressure on spreads. Expectation from a Bloomberg survey is for the EIA to report a small draw in crude and gasoline but a build in distillates.

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