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US Crude Stocks- Up 2.209 MB (Cushing Stocks – Down 0.613 at 29.296 MB)
US Gasoline Stocks- Up 2.479 MB
US Distillate Stocks- Up 3.224 MB
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Late yesterday the API released its weekly data set for the week ending December 30. As one would expect, the API reported a hefty 4.429 million barrel crude oil stock draw, reflecting customary year-end tax strategies. As previously discussed, we are looking for a DOE draw exceeding consensus expectations, but perhaps not quite the magnitude reported by the API. Their surveys also revealed a 5.245 million barrel gain in distillate supplies and a 3.382 million barrel build in gasoline inventories. It strikes us that the DOE is likely to report somewhat different refinery production and implied demand numbers, and thus we would not look for the DOE to report quite as large product builds as reported by the API. We have difficulty reconciling the API gasoline data in any event unless exports collapsed. For distillate, we have assumed a recovery in implied demand from the previous week, but if it did not, the DOE could report a hefty build, but still somewhat short of the API’s 5.0+ million barrel gain.
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US Crude Stocks- Up 3.899 MB (Cushing Stocks – Down 0.289 at 29.909 MB)
US Gasoline Stocks- Down 0.692 MB
US Distillate Stocks- Up 1.208 MB
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*EIA: US Total Working Gas In Storage -81 Bcf At 3548 Bcf
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