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US crude, gasoline inventories seen down last week, distillate likely rose

Tuesday, 25 June 2024 | 13:00

U.S. crude oil and gasoline stockpiles were expected to have fallen while distillate 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 3 million barrels in the week to June 21.

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 2.5 million barrels in the week ending June 14 to 457.1 million barrels, the EIA said, compared with analysts’ expectations in a Reuters poll for a 2.2 million-barrel draw.

Analysts estimated stockpiles of gasoline fell about 1.1 million barrels last week, while distillate inventories, which include diesel and heating oil, were expected to have increased by about 400,000barrels.

The rate of refinery utilization was unchanged from 93.5%of total capacity in the previous week, the poll found.
Source: Reuters (Reporting by Anmol Choubey in Bengaluru, Editing by Marguerita Choy)

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