US crude, product inventories seen down last week
Aug 20 (Reuters) -U.S. crude oil and fuel inventories likely fell last week, an extended Reuters poll showed on Tuesday.
Ten analysts estimated, on average, that crude inventories fell by 2.7 million barrels in the week to Aug. 16.
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 rose by 1.36 million barrels to 430.7 million barrels in the week ended Aug. 9, the EIA said, compared with analysts' expectations in a Reuters poll for a 2.2-million-barrel draw.
REUTERS FORECAST CHANGE FOR WEEK ENDED 08/16/24 | ACTUAL FOR WEEK (EIA) ENDED 08/09/24 | CHANGE VS PREVIOUS WEEK | YR-AGO CHANGE WEEK ENDED 08/18/23 | |
CRUDE | -2.7 MLN | 430.7 MLN | 1.4 MLN | -6.1 MLN |
DISTILLATE | -0.2 MLN | 126.1 MLN | -1.7 MLN | 0.9 MLN |
GASOLINE | -0.9 MLN | 222.2 MLN | -2.9 MLN | 1.5 MLN |
REFINERY RUNS | 0.3 PCT PT | 91.5% | 1.0 PCT PT | -0.2 PCT PT |
NATGAS STORAGE FORECAST | 22 BCF TO 41 BCF (SEVEN FORECASTS) | |||
Analysts estimated stockpiles of gasoline USOILG=ECI fell by about 900,000 barrels last week, while distillate inventories USOILD=ECI, which include diesel and heating oil, were expected to have decreased by 200,000 barrels.
The rate of refinery utilization USOIRU=ECI was estimated to have increased by 0.3 percentage point from 91.5% 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 | -1.2 | -1.1 | -1.8 | 0.6 |
Commodity Research Group | -2.2 | 0.4 | -0.3 | 0.3 |
Confluence | -3.0 | 0.5 | -1.0 | -0.5 |
Excel Futures | -2.6 | -1.8 | -3.1 | 0.4 |
LSEG | 2.1 | -0.5 | -1.2 | 0.2 |
Macquarie Group | -5.4 | 0.6 | -1.0 | 0.2 |
Price Futures Group | -2.0 | -2.0 | -2.0 | 0.0 |
Ritterbusch Associates | -2.8 | 0.8 | 0.7 | 0.8 |
Rystad Energy | -4.7 | 0.5 | -0.8 | 1.1 |
Stratas Advisors | -2.8 | -0.3 | 0.6 | -0.3 |
Reporting by Anushree Mukherjee in Bengaluru; editing by Jonathan Oatis and Rod Nickel
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