FWIW - Here's what the "analysts" on Bloomberg are saying about the API stats. Let's see if they can get it right this time.
Energy News
Tue, 9 Mar 1999, 12:45pm EST
API Oil Product Inventories Seen Lower: Bloomberg Survey
New York, March 9 (Bloomberg) -- Petroleum product
inventories fell last week, as processing by refineries slowed
down because of unexpected problems and low prices, while crude
oil supplies rose, analysts expect an industry report to show.
Gasoline inventories probably fell between 700,000 barrels
and 1.6 million barrels last week, the average range of estimates
by 10 analysts surveyed by Bloomberg News, from 230.1 million
barrels the week before. Refinery operations probably slowed by
0.6 to 0.7 percentage point from 94.5 percent of capacity, the
survey showed.
Lower refinery use would further reduce inventories of
distillates, including heating oil, that normally drop during
winter in the U.S. Distillate fuel inventories probably fell
between 1.5 million barrels and 2.1 million barrels from
148.2 million barrels, the survey showed, with colder weather in
the Northeast contributing to the decline.
The American Petroleum Institute will issue its inventory
and production report for the week ended March 5 after the close
of futures trading today.
Crude oil inventories probably rose between 500,000 barrels
and 1.5 million barrels from 326.8 million barrels, the survey
showed. Six analysts forecast an increase and four a drop.
Refinery utilization rates have dropped from 99 percent of
normal capacity at the start of the year as some refiners trimmed
operations that were losing money. Planned maintenance and
unexpected problems -- such as three refinery fires two weeks ago
-- contributed to the slowdown.
U.S. heating oil inventories as of Feb. 26 were 20 percent
higher than a year earlier, API figures last week showed, as mild
weather damped U.S. demand for heating fuels.
INDIVIDUAL FIRMS' ESTIMATES
(FOR WEEK ENDED MARCH 5, 1999
|
