- For the week ending December 23, the latest Platts survey is looking for a 2.3 million barrel decline in U.S. crude oil stocks, a 1.2 million barrel fall in distillate supplies, and a 500,000 barrel drop in gasoline inventories. In the context of our discussion yesterday morning, our expected crude oil stock decline would fall close to consensus expectations. Because we expect some retracement in implied distillate demand back toward our underling mean, we would look for a somewhat smaller decline in distillate supplies than the market is expecting. We are also looking for a modest build in gasoline supplies, but if pre-holiday secondary stocking exceeded our estimates primary inventories could have easily fallen in line with consensus expectations. We note the comparable period last year witnessed a healthy gasoline stock draw, but in general history is not perfectly consistent prior to the Christmas holiday. In addition, underlying gasoline consumption is so weak at the present time the arithmetic suggests it could offset any pre-holiday secondary stocking effect.
US Crude Stocks- Down 4.729 MB (Cushing Stocks – Up 0.471 at 31.092 MB)
US Gasoline Stocks- Down 3.324 MB
US Distillate Stocks- Down 4.266 MB
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U.S. Crude Oil Stocks – Down 2.154 MB
U.S. Gasoline Stocks – Up 5.081 MB
U.S. Distillate Stocks – Up 2.652 MB
U.S. oil inventories are expected to rise in data due Wednesday from the Department of Energy. Crude-oil stockpiles are seen increasing by 2.4 million barrels, according to a survey of analysts conducted by Dow Jones Newswires. Gasoline inventories are seen falling by 1.3 million barrels, while distillates, which include heating oil and diesel, are expected to fall by 900,000 barrels.
Crude Oil Stocks – up 1.689 Mln bbls
Distillate Stocks – up 1.798 Mln bbls.
Gasoline Stocks – down 0.636 Mln bbls.
Hornsby Trading News
- Platts Energy Inventory Survey Plus Hornsby & Company Inventory Assessment – February 7th.
- US NATURAL GAS INVENTORY SURVEY: Draw Of 126 Bcf Expected – Dow Jones
- Weekly DOE Inventory Report – February 1st.
- API Inventory Report – January 31st.
- Platts Energy Inventory Survey Plus Hornsby & Company Inventory Assessment – January 31st.