Reuters Poll Demonstrates Drop in U.S. Crude and Distillate Inventories

SEATTLE (Oil Monster): According to the results of a preliminary poll conducted by Reuters, oil and distillate stockpiles in the United States are anticipated to have declined over the previous week. On the contrary, gasoline stockpiles are predicted to have increased this week.

According to five analysts polled by Reuters, crude stockpiles in the United States are expected to fall by roughly 1.2 million barrels on average for the week ending September 20, 2024. It should be mentioned that crude inventories decreased by 1.6 million barrels week on week and 2.2 million barrels year on year to 417.5 million barrels in the week ending September 13, 2024.

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As per analysts’ estimates, the distillate inventories are expected to witness a decline of 2.2 million barrels over the prior week. On the other hand, the estimated inventories of gasoline are projected to have risen by over 200,000 barrels from the prior week.

Furthermore, the refinery's utilisation rate is expected to have dropped from 92.1% to 91.4% of total capacity in the previous week.

The American Petroleum Institute's weekly report is expected by 4:30 p.m. EDT today, while the Energy Information Administration's (EIA) report will be released at 10:30 a.m. EDT on Wednesday.