US crude, product inventories seen down last week
July 30 (Reuters) -U.S. crude oil and product stockpiles are expected to have fallen last week, an extended Reuters poll showed on Tuesday.
Ten analysts polled by Reuters estimated that crude inventories on average fell by 1.1 million barrels in the week to July 26.
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 USOILC=ECI fell by 3.7 million barrels to 436.5 million barrels in the week ended July 19, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.6 million-barrel draw.
REUTERS FORECAST CHANGE FOR WEEK ENDED 07/26/24 | ACTUAL FOR WEEK (EIA) ENDED 07/19/24 | CHANGE VS PREVIOUS WEEK | YR-AGO CHANGE WEEK ENDED 07/28/23 | |
CRUDE | -1.1 MLN | 436.5 MLN | -3.7 MLN | -17 MLN |
DISTILLATE | -1.2 MLN | 125.3 MLN | -2.8 MLN | -0.8 MLN |
GASOLINE | -1.0 MLN | 227.4 MLN | -5.6 MLN | 1.5 MLN |
REFINERY RUNS | 0.7 PCT PT | 91.6% | -2.1 PCT PT | -0.7 PCT PT |
NATGAS STORAGE FORECAST | 27 BCF TO 45 BCF (SEVEN FORECASTS) | |||
Analysts estimated stockpiles of gasoline USOILG=ECI fell about 1 million barrels last week, while distillate inventories USOILD=ECI, which include diesel and heating oil, were expected to have decreased by about 1.2 million barrels.
The rate of refinery utilization USOIRU=ECI was estimated to increase by 0.7 percentage point from 91.6% of total capacity in the previous week, the poll found.
All figures for stocks are in millions of barrels. Refinery run changes are measured in percentage points.
Organization | Crude | Distillate | Gasoline | Refinery runs |
Again Capital | 1.8 | -0.9 | 1.2 | 0.9 |
Commodity Research Group | -1.1 | -1.0 | 0.3 | 0.3 |
Confluence | -2.5 | -0.5 | 0.4 | 0.8 |
Excel Futures | 1.8 | -1.9 | -2.7 | 0.9 |
LSEG | 1.2 | -1.0 | -0.8 | 0.4 |
Macquarie Group | -3.9 | -1.6 | -1.6 | -0.1 |
Price Futures Group | -2.0 | -2.0 | -2.0 | 0.0 |
Ritterbusch Associate | -4.0 | -1.0 | -2.0 | 0.9 |
Rystad Energy | -4.8 | 1.1 | -1.3 | 1.8 |
Stratas Advisors | 2.4 | -2.2 | -1.4 | 1.0 |
Reporting by Anmol Choubey in Bengaluru
Editing by Marguerita Choy
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