US crude oil stocks to show a 5 million-barrel decline on week:
analysts
New York (Platts)--4Sep2012/418 pm EDT/2018 GMT
Data released this week should show a 5-million-barrel decline in US
commercial crude oil stocks for the week ending August 31, analysts
polled by Platts said Monday.
The American Petroleum Institute's Weekly Statistical Bulletin will be
released a day later than usual because of the US Labor Day holiday
Monday. It will be released Wednesday, September 5, at 4:30 EDT (2030
GMT).
Likewise, The US Energy Information Administration will release its
Weekly Petroleum Status Report a day later than usual, on Thursday,
September 6, at 11:00 a.m. EDT (1500 GMT).
At 364.524 million barrels for the prior reporting week ending August
24, US crude stocks sat 7.12% above the EIA five-year average. A decline
of 5 million barrels, while large, would push stocks to 6.75% above the
five-year average, keeping quite in line with year-ago levels.
This week's oil inventory data will be "influenced by Hurricane Isaac
and its effect on shutting down more than 500 oil and gas platforms and
50 rigs," said EOXlive analyst Tom Pawlicki in a Tuesday note.
US Gulf of Mexico oil production shut-in by Hurricane Isaac totaled
1,308,362 b/d, or 94.81% as of August 31, according to the US Bureau of
Safety and Environmental Enforcement.
Estimates for US commercial crude inventories as of the week ending
August 31 "were already likely to be pushed lower by a fall in imports,"
said Pawlicki, after US crude imports shot up during the prior reporting
period, according to EIA data. Imports should fall during the latest
reporting period due to the closure during the period of various ports
as well as the 1 million b/d Louisiana Offshore Oil Port, Pawlicki
added.
Meanwhile, analysts expect US refinery utilization to show a decline of
2 percentage points. "[S]ix facilities totaling 1.15 million b/d were
shut for the majority of the week, Pawlicki said, with four refineries
totaling 1.41 million b/d operating at reduced rates. Pawlicki expects
run rates to decline.
Analysts expect US gasoline stocks to have declined by 3.5 million
barrels, a direct product of Gulf Coast refineries shut due to Isaac.
Should this be the case, US gasoline stocks will be 3.7% below the EIA
five-year average, the lowest level since early June. By comparison,
this same time last year, US gasoline stocks were almost 2% above the
EIA five-year average -- higher by almost 10 million barrels.
Further, PDVSA's 645,000 b/d Amuay refinery on Tuesday was still running
at 40% of capacity as it gradually restarts after being shut in late
August by a fatal fire -- one of the worst refinery disasters (See
story, 1736 GMT).
Venezuela is a modest exporter of blending components to the US, but
depending on travel-time for tankers heading to the US Atlantic Coast,
the Amuay refinery may have had a small impact on USAC gasoline
inventories which remain exceedingly tight.
Meanwhile, US distillate stocks are expected to have declined 1.5
million barrels for the weekly reporting period ending August 31,
according to analysts polled.
US distillate stocks continue to be undersupplied ahead of US winter
demand. At 126.060 million barrels for the prior reporting period ending
August 24, US distillates are 16.56% below the EIA five-year average.
Last year around this time, US distillate stocks were at 175.974 million
barrels, or 6.16% above the EIA five-year average.
--James Bambino, james_bambino@platts.com --Edited by Katharine Fraser,
katharine_fraser@platts.com
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