Houston, TX - In our weekly survey of traders and analysts the consensus points to an increase in crude oil and distillate fuel stocks while gasoline stocks are expected to come in lower as demand is projected higher due to the Memorial Day holiday weekend. Refinery operations are expected to come in at 88.7% of capacity versus the previous week's 87.9%. The Energy Information Administration will release its data for the week ending May 23 on Thursday May 29 at 10:30 AM EDT.
Crude oil stocks are expected to increase by 1.6 to 1.8 million barrels as imports are projected higher by 950,000 bpd than the previous week's 9.2 million bpd level. Gasoline stocks are expected lower by 1.7 to 2.0 million barrels with implied demand expected to come in higher by about 250,000 bpd from the previous week's estimate of 9.36 million bpd. Imports are projected to be lower by about 200,000 bpd from the previous week's nearly 1.1 million bpd level. Production is expected to come within 60,000 bpd of the previous week's 9.03 million bpd level.
Distillate stocks are projected to reveal a 1.8 to 2.1 million barrel increase with implied demand down about 50,000 bpd from the previous week's nearly 4.19 million bpd level. Imports of heating oil type stocks are expected to come in about 70,000 bpd above the previous week's 198,000 bpd level while production should come in near the 4.33 million bpd level reported the previous week.
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