US crude and product stocks likely fell last week: Reuters By Reuters poll

VaselineSeptember 24, 2024

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US crude and product stocks likely fell last week: Reuters By Reuters poll

(Reuters) – Stockpiles of oil and products were expected to have fallen last week, an extensive Reuters poll showed on Tuesday.

Ten analysts polled by Reuters had forecast, on average, that crude stockpiles fell by about 1.4 million barrels in the week to September 20.

The survey was conducted ahead of reports from the American Petroleum Institute industry group at 4:30 p.m. EDT (2030 GMT) on Tuesday and from the Energy Information Administration, the statistics arm of the US Department of Energy, at 10:30 a.m. EDT (1430 GMT) Wednesday.

Crude stockpiles fell 1.6 million barrels to 417.5 million barrels in the week ended Sept. 13, the EIA said, compared with analysts’ expectations in a Reuters poll for a draw of 500,000 barrels.

REUTERS FORECAST FOR CHANGE VS CHANGE TODAY

CHANGE FOR WEEK WEEK (EIA) PREVIOUS WEEK ENDED

WEEK ENDING 09/22/23

20/09/24 13/09/24

GROSS 417.5 MLN -1.6 MLN -2.2 MLN

-1.4 MILLION

DISTILLATE 125.1 MLN 0.1 MLN 0.4 MLN

-1.6 MILLION

PETROL -0.02 MLN 221.6 MLN 0.1 MLN 1.0 MLN

REFINERY COSTS -0.7 PCT PT 92.1% -0.7 PCT PT -2.4 PCT PT

NATGAS STORAGE 53 BCF TO 57 BCF (SIX SUPPLIES)

FORECAST

Analysts estimated that gasoline stocks fell by 20,000 barrels last week, while distillate stocks, which include diesel and , were expected to have fallen by about 1.6 million barrels.

Refinery utilization was estimated to have fallen 0.7 percentage points from 92.1% of total capacity in the previous week, the survey showed.

All figures for stocks are in millions of barrels. Refinery rate changes are measured in percentage points.

Crude Distillate Gasoline Refinery Organization

run

Capital again

-1.8 -1.0 1.4 —

Goods

Research group -1.0 -0.5 1.0 -1.0

Confluence -1.5 2.0 1.0 -0.8

Excel Futures

-0.8 -1.2 -1.4 -1.5

LSEG