DOE Estimates (10:30)
Average Estimates (Pre API) – Crude up 1.00 mil, Distillate up 1.40 mil, Gasoline up 800,000 and Utilization unchanged at 85.9%. For this week last year, Crude built 4.20 mil, Distillates built 1.80 mil, Gasoline drew 4.70 mil and Utilization was down .7% pts to 82.7%.
Crude build expected as demand remains light and current contango in crude will encourage stock builds. The 5 week average build for this week in Crude is 2.7 mil barrels, with the market seeing a 4.2 mil barrel for this week last year. Crude imports may drop (Oil Movements looking for lower import figure) after gaining 733,000 bpd last week to 9.6 mil bpd, the highest level seen since Sept 09. Builds in products seen on higher output and weakening demand, Gasoline demand dropped by 173,000 bpd in the last report and Distillate demand dropped by 117,000 bpd.
YOY – Crude down 14.7 mil, Cushing up 4.6 mil, Gasoline up 7.60 mi, Distillates up 6.6 mil and Utilization up 2.5% pts.
API Data (4/27)
Crude up 5.30 mil, (Padd 3 up 3.70), Cushing up 401,000, Gasoline down 658,000, Distillates down 1.40 mil, Crude Imports down 456,000 bpd to 9.44 mil, Product Imports up 370,000 to 2.23 mil bpd and Utilization down .4% pts to 84.7%.
MasterCard Survey (4/27)
MasterCard Gasoline Survey showed retail demand was down 2.7 % last week and is running down 1.9% yoy. Gasoline demand averaged 9.213 mil bpd.
Provided by NewEdge USA, LLC
ALL KNOWN NEWS AND EVENTS HAVE ALREADY BEEN FACTORED INTO THE PRICE OF THE UNDERLYING COMMODITY