- Markets are currently affixed on to this afternoon’s EIA stats for the week ending Jan 05. The announcement is due today at 15:30 GMT.
Price action after the EIA report came out (15:30 GMT) was as follows:
Prompt prices post stats (as of 16:00 GMT)
EIA inventory report also shows these changes for last week:
o PADD 1B gasoline +541kbbls
o PADD 1 Distillates +2,574kbbls
• Cushing crude -506kbbls
• PADD 3 crude +803kbbls
• Refinery utilization -0.6ppt vs est. -0.7ppt
• Refinery crude inputs -161kbbls/d
• Crude imports -654kbbls/d
• Crude production unchanged
EIA Stats
The EIA stats tend to be used as a bellwether for oil demand, and in turn crude sentiment. Brent has seen a tumultuous week with both bullish and bearish factors affecting such as:
Prompt prices pre stats (as of 15:15 GMT)
Brent fut: $78.55/bbl
WTI fut: $73.39/bbl
RBOB fut: 2.12c/gal
ICE Gasoil fut: $786/mt
C3 LST: 77.15c/gal
Last week, oil products saw significantly bearish stats with both gasoline and distillates witnessing builds of over 10mbbls each. This saw gasoline record its highest w-o-w build in over 30 years
In line with the API stats, EIA forecasts currently stand at:
API stats from yesterday showed draws in crude (-5.215mbbls) and Cushing (-0.625mbbls) while distillates and gasoline saw builds at 6.873mbbls and 4.896mbbls. The crude draw exceeded forecasts of a 1.2mbbls draw
