In terms of the data for the week ending June 3, the latest Reuters survey is looking for a 600,000 barrel draw in crude oil supplies, a 1.1 million barrel build in gasoline stocks, and a 200,000 barrel gain in distillate inventories. Our cursory cut at the numbers would suggest a somewhat more modest crude oil draw and a larger build in gasoline supplies, assuming some retracement in implied gasoline demand from the previous week. For distillate, we believe another small draw could occur, but once again we should be close to the inflection point where stocks begin to rebuild once again
Tags: crude oil inventory outlook, hornsby energy research, inventory estimates crude oil and refined products, oil and gas research from Hornsby & company
