• The weekly DOE data may provide some transient market effect, and in this regard the latest Platts survey for the week ending September 23 is looking for a 2.5 million barrel build in crude oil stocks, a 500,000 barrel decline in distillate supplies, and a 1.3 million barrel increase in gasoline inventories.  We should see gross crude oil imports fall off from the prior week and revert closer to our estimated mean, while crude runs should be steady to modestly lower.  Our numbers would suggest a modest draw in crude oil stocks.  For distillate, implied demand should have averaged around 3.7 MMB/D or so, with supply steady to slightly lower.  We would look for a build in distillate stocks, also in contrast to consensus expectations.  For gasoline, our arithmetic implies an inventory gain coming in somewhat short of what the market is looking for.

Tags: platts energy inventory survey, Platts oil inventory assessment, platts survey