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U.S. crude stocks probably dipped last week
REUTERS/Carlos Garcia Rawlins

U.S. crude stocks probably dipped last week

U.S. commercial crude oil stocks probably dipped last week, while distillate and gasoline stocks likely edged higher, a preliminary Reuters survey showed on Monday.

The poll of five analysts, taken ahead of weekly inventory reports from industry group American Petroleum Institute (API) and the U.S. Department of Energy’s Energy Information Administration (EIA), estimated, on average, that crude stocks were down 500,000 barrels in the week ended Jan. 1.

The API will release its data on Tuesday at 4:30 p.m. ET (2130 GMT), while the EIA will publish its data on Wednesday at 10:30 a.m. ET.

In the week to Dec. 25, crude inventories <USOILC=ECI> rose 2.6 million barrels to 487.4 million, according to EIA data.

During last week, refinery utilization rates likely remained unchanged at 92.6 percent of total capacity, the poll showed.

While gasoline stocks rose 2.8 million barrels, distillate inventories, which include heating oil and diesel fuel, were forecast to have risen 2.2 million barrels last week.

(All figures in millions of barrels for stocks and percentage points for runs):

Forecaster Crude Distillate Gasoline Runs

Citigroup -2.5 2.5 2.5 0.5

Confluence -1.5 2.0 3.0 -0.5

Energy Mgmt -1.5 2.0 2.8 0.5

Frost & Sullivan 2.5 -2.0 -1.0 -1.0

Ritterbusch 1.5 5.0 5.6 0.1

In related news, U.S. oil ‘strippers’ maneuver to keep pumping amid crude slump.

(Reporting by Nithin Prasad and Harshith Aranya in Bengaluru; Editing by Alan Crosby)

This article was from Reuters and was legally licensed through the NewsCred publisher network.