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US crude inventories seen down last week, products likely up

Tuesday, 11 June 2024 | 13:00

U.S. crude oil stockpiles were expected to have fallen while product inventories likely rose last week, a preliminary Reuters poll showed on Monday.

Four analysts polled by Reuters estimated that crude inventories on average fell by 1.8 million barrels in the week to June 7.

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 1.2 million barrels to 455.9 million barrels in the week ended May 31, the EIA said, compared with analysts’ expectations in a Reuters poll for a 2.3 million-barrel draw.

Analysts estimated stockpiles of gasoline USOILG=ECI rose about 300,000 barrels last week, while distillate inventories USOILD=ECI, which include diesel and heating oil, were expected to have increased by about 800,000 barrels.

The rate of refinery utilization USOIRU=ECI was estimated to have decreased by 0.3 percentage point from 95.4% of total capacity in the previous week, the poll found.

All figures for stocks are in millions of barrels. Refinery runs change is measured in percentage points.
Source: Reuters (Reporting by Anmol Choubey in Bengaluru)

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