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US crude, product stockpiles seen down last week

Tuesday, 17 October 2023 | 13:00

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

Five analysts polled by Reuters estimated on average that crude inventories fell by about 1.3 million barrels in the week to Oct. 13.

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. (1430 GMT) on Wednesday.

Crude inventories rose by 10.2 million barrels in the week ended Oct. 6 to 424.2 million barrels, well over the 500,000-barrel build analysts forecast in a Reuters poll, as production jumped to a record high.

Analysts estimated stockpiles of gasoline were down by about 1.6 million barrels last week, while distillate stockpiles, which include diesel and heating oil, were seen decreasing by about 1.7 million barrels.

The rate of refinery utilization was expected to drop two-tenths of a percentage point from 85.7% 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 Daksh Grover in Bengaluru; Editing by Paul Simao)

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