US crude, product inventories likely fell last week: Reuters poll

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2024.09.24 15:11

(Reuters) – oil and product stockpiles were expected to have fallen last week, an extended Reuters poll showed on Tuesday.

Ten analysts polled by Reuters estimated on average that crude inventories fell by about 1.4 million barrels in the week to Sept. 20.

The poll 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 statistical arm of the U.S. Department of Energy, at 10:30 a.m. EDT (1430 GMT) on Wednesday.

Crude inventories fell by 1.6 million barrels to 417.5 million barrels in the week ending Sept. 13, the EIA said, compared with analysts’ expectations in a Reuters poll for a 500,000-barrel draw.

REUTERS FORECAST ACTUAL FOR CHANGE VS YR-AGO CHANGE

CHANGE FOR WEEK WEEK (EIA) PREVIOUS WEEK ENDED

ENDED ENDED WEEK 09/22/23

09/20/24 09/13/24

CRUDE 417.5 MLN -1.6 MLN -2.2 MLN

-1.4 MLN

DISTILLATE 125.1 MLN 0.1 MLN 0.4 MLN

-1.6 MLN

GASOLINE -0.02 MLN 221.6 MLN 0.1 MLN 1.0 MLN

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

NATGAS STORAGE 53 BCF TO 57 BCF (SIX FORECASTS)

FORECAST

Analysts estimated stockpiles of gasoline edged down by 20,000 barrels last week, while distillate inventories, which include diesel and , were expected to have decreased by about 1.6 million barrels.

The rate of refinery utilization was estimated to have decreased by 0.7 percentage point from 92.1% of total capacity in the previous week, the poll found.

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

Organization Crude Distillate Gasoline Refinery

runs

Again Capital

-1.8 -1.0 1.4 —

Commodity

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

-1.6 -1.0 0.3 -0.7