Oil

POLL-Third weekly dip seen for U.S. product inventories, crude also down

Credit: REUTERS/Nick Oxford

U.S. crude and product stocks likely fell last week with both distillates and gasoline stockpiles forecasted to have eased for a third straight week, an extended Reuters poll showed on Tuesday.

REUTERS FORECAST CHANGE FOR WEEK ENDED 07/30/21

ACTUAL FOR WEEK (EIA) ENDED 07/23/21

CHANGE VS PREVIOUS WEEK

YR-AGO CHANGE WEEK ENDED 07/31/20

CRUDE

-3.1 MLN

435.6 MLN

-4.1 MLN

-7.4 MLN

DISTILLATE

-0.5 MLN

137.9 MLN

-3.1 MLN

1.6 MLN

GASOLINE

-1.8 MLN

234.2 MLN

-2.3 MLN

0.4 MLN

REFINERY RUNS

0.6 PCT PT

91.1%

-0.3 PCT PT

0.1 PCT PT

NATGAS STORAGE FORECAST

+17 BCF TO +34 BCF (NINE FORECASTS)

Aug 3 (Reuters) - U.S. crude and product stocks likely fell last week with both distillates and gasoline stockpiles forecasted to have eased for a third straight week, an extended Reuters poll showed on Tuesday.

Ten analysts polled by Reuters estimated, on average, that crude stocks dropped by about 3.1 million barrels in the week to July 30.

Crude inventories USOILC=ECI fell by 4.1 million barrels to 435.6 million barrels in the prior week. That was the lowest since January 2020 and the decline was more than the 2.9 million barrels expected by analysts in the Reuters poll.

The poll was conducted ahead of reports from the American Petroleum Institute, an industry group, due for release at 4:30 p.m. EDT (2030 GMT) on Tuesday and the Energy Information Administration (EIA), the statistical arm of the U.S. Department of Energy, due at 10:30 a.m. EDT on Wednesday.

Analysts estimated that stockpiles of gasoline USOILG=ECI fell by about 1.8 million barrels last week.

Distillate inventories USOILD=ECI, which include diesel and heating oil, are expected to have decreased by 500,000 barrels.

The rate of refinery utilization USOIRU=ECI likely rose 0.6 percentage point last week, from 91.1% of total capacity for the week ended July 23, the poll found.

All figures for fuel stocks are in millions of barrels; refinery runs change is measured in percentage points:

Organization

Crude

Distillate

Gasoline

Refinery Runs

Again Capital

-2.7

-1.1

-1.9

0.3

Citi Futures

-3.5

1.0

-2.5

0.5

Commodity Research Group

-2.5

-0.9

-0.8

1.0

Confluence

-3.0

1.5

1.0

1.0

DTN

-3.2

-1.2

-2.1

-0.4

Excel Futures

-3.4

-3.4

-2.8

0.5

IHS Markit

-2.5

-0.1

-1.1

0.7

Price Futures Group

-4.0

-3.0

-3.0

0.5

Refinitiv

-6.2

N/A

N/A

N/A

Ritterbusch Associates

-1.5

3.0

-1.3

1.0

(Reporting by Nakul Iyer and Bharat Govind Gautam in Bengaluru; editing by Jonathan Oatis)

((BharatGovind.Gautam@thomsonreuters.com; +91-80-6182-3021/ 3590 (If within U.S. call 651-848-5832 );))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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