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Analyzing US Gasoline Inventories and Demand
06 December 2017, 07:33 | Kelvin Horton
For the same period, analysts had consensus estimates for a decrease of 3 million barrels in crude inventories, a rise of about a million barrels in gasoline and an increase of 1.74 million barrels in distillate stockpiles.
U.S. West Texas Intermediate crude oil and internationally-favored Brent crude oil finished higher on Tuesday on speculation that the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA) weekly reports will show a drop in U.S. crude inventories.
Oil prices edge up on expected drop in US crude stocks " That's a pretty bearish number on gasoline", Kyle Cooper, director of research at IAF Advisors in Houston, said by telephone.
According to traders, the EIA report is expected to show a draw of 3.2 million barrels.
Meanwhile, those of crude oil shrank by 5.6m barrels to reach 448.1m barrels while stockpiles of distillates increased by 1.7m barrels. Distillates rose by 4.26 million barrels. The EIA said refineries last week processed 17.2 million barrels of crude per day, producing 9.8 million barrels per day of gasoline, down from 10.2 million bpd in the previous week.
Oil prices were mixed heading into today's data, with WTI down $.02 (-0.03%) at $57.45 at 12:06pm EST, and Brent crude up $0.14 (-0.22%) at $62.59-both benchmarks down from prices just two days before the OPEC meeting last week, despite OPEC's promise to continue the production cuts through the end of 2018. Total volume traded was about 42 percent below the 100-day average.
"This bears all the hallmarks of a year-end lull in USA fuel demand, which in turn should help safeguard the current bout of range-bound trading", said Stephen Brennock, an analyst at PVM Oil Associates Ltd.in London. The global benchmark crude traded at a premium of $5.19 to February WTI.
The accord was first struck a year ago with the aim of draining the global oil glut and boosting prices.
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