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What to Watch: US Gas & Oil, EU Product Stocks and N Sea Loadings

ENERGY
  • The EIA weekly gas inventories for the week to Dec 22 will be released this afternoon at 10:30 ET (15:30 GMT). The expectation for a draw of -78bcf according to a Bloomberg survey compared to the seasonal normal draw of -126bcf and the draw of -87bcf seen last week.
  • The EIA weekly petroleum inventory data is due for release this afternoon at 11:00 ET (16:00GMT). EIA data is expected to show a crude draw while gasoline and distillates stocks are expected to remain relatively unchanged and with a small gain in refinery utilisation according to a Bloomberg survey.
  • The updated Insights Global European ARA product inventories will be released today. Gasoil stocks were last week still at the low end of the five year range at 1.749m mt compared to the five year average of 2.14m mt. ARA Gasoline stocks had last week dropped below normal for the first time in 2023 down to 0.983m mt compared to the average of 1.1m mt for this time of year.
  • Also expected from today is the release of the latest North Sea crude loading programs for February.

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