US crude, product inventories likely down last week
Repeating item sent previously with no changes to text
Aug 28 (Reuters) -U.S. crude oil and fuel stockpiles were expected to have fallen last week, an extended Reuters poll showed on Tuesday.
Eight analysts polled by Reuters estimated, on average, that crude inventories fell by about 2.3 million barrels in the week to Aug. 23.
The poll was conducted ahead of reports from the American Petroleum Institute industry group, due at 4:30 p.m. EDT (2030 GMT) on Tuesday, and the Energy Information Administration, the statistical arm of the U.S. Department of Energy, due at 10:30 a.m. EDT (1430 GMT) on Wednesday.
Crude inventories fell by 4.6 million barrels to 426 million barrels in the week ended Aug. 16, the EIA said, compared with analysts' expectations in a Reuters poll for a 2.7 million-barrel draw.
REUTERS FORECAST CHANGE FOR WEEK ENDED 08/23/24 | ACTUAL FOR WEEK (EIA) ENDED 08/16/24 | CHANGE VS PREVIOUS WEEK | YR-AGO CHANGE WEEK ENDED 08/25/23 | |
CRUDE | -2.3 MLN | 426 MLN | -4.6 MLN | -10.6 MLN |
DISTILLATE | -1.1 MLN | 122.8 MLN | -3.3 MLN | 1.2 MLN |
GASOLINE | -1.6 MLN | 220.6 MLN | -1.6 MLN | -0.2 MLN |
REFINERY RUNS | 0.2 PCT PT | 92.3% | 0.8 PCT PT | -1.2 PCT PT |
NATGAS STORAGE FORECAST | 33 BCF TO 55 BCF (FOUR FORECASTS) | |||
Analysts estimated stockpiles of gasoline USOILG=ECI fell by about 1.6 million barrels last week, while distillate inventories USOILD=ECI, which include diesel and heating oil, were expected to have decreased by about 1.1 million barrels.
The rate of refinery utilization USOIRU=ECI was estimated to have increased by 0.2 percentage point from 92.3% of total capacity in the previous week, the poll found.
All figures for stocks are in millions of barrels. Refinery rate changes are measured in percentage points.
Organization | Crude | Distillate | Gasoline | Refinery runs |
Commodity Research Group | -1.0 | -0.4 | -1.5 | 0.2 |
Confluence | -3.0 | -2.5 | 3.5 | -0.8 |
Excel Futures | -3.4 | -3.2 | -2.9 | 0.4 |
LSEG | -0.3 | -0.7 | -0.5 | 0.2 |
Macquarie Group | 3.2 | -0.2 | -1.4 | -0.2 |
Price Futures Group | -3.0 | -3.0 | -3.0 | 0.0 |
Ritterbusch Associates | -3.0 | 0.3 | -1.7 | 0.5 |
Stratas Advisors | -3.3 | 0.6 | -1.5 | 0.5 |
Reporting by Rahul Paswan in Bengaluru; editing by Jonathan Oatis
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