Oct 2 Oil Inventory Consensus – More Product Builds Seen
Posted by zmann on October 2, 2006
Oil Projections from Reuters:
- Distillate up 1.3 mm bls (bet this is a touch higher given high refinery run rates, low demand).
- gasoline up 900,000 bls (this was an add of 6.3 mmbls last Wednesday so anything goes here, could be a draw)
- crude stocks down 700,000 bls – ???
The U.S. Energy Department said on Monday it would delay buying some 11 million barrels of replacement crude oil for the nation’s emergency petroleum stockpile through the winter heating season to keep more supplies on the market. (that’s 122,000 bopd or 855,500 bbls per week, not too shabby, not too good for crack spreads, not bad at all for rove- just kidding, not buying the rampant conspiracy theory going on here…although the correlation between gas prices and presidential approval ratings is astonishing and if anyone could pull it off…nevermind, again just kidding)