Stocks

POLL-U.S. crude, gasoline inventories seen falling last week

Credit: REUTERS/DRONE BASE

U.S. crude and gasoline stockpiles were expected to have fallen last week, with crude set to dip for the ninth consecutive time, an extended Reuters poll showed on Tuesday.

REUTERS FORECAST CHANGE FOR WEEK ENDED 07/16/21

ACTUAL FOR WEEK (EIA) ENDED 07/09/21

CHANGE VS PREVIOUS WEEK

YR-AGO CHANGE WEEK ENDED 07/17/20

CRUDE

-4.5 MLN

437.6 MLN

-7.9 MLN

4.9 MLN

DISTILLATE

0.6 MLN

142.3 MLN

3.7 MLN

1.1 MLN

GASOLINE

-1.0 MLN

236.5 MLN

1 MLN

-1.8 MLN

REFINERY RUNS

0.4 PCT PT

91.8 %

-0.4 PCT PTS

-0.2 PCT PT

NATGAS STORAGE FORECAST

+30 BCF TO +60 BCF (SEVEN FORECASTS)

July 20 (Reuters) - U.S. crude and gasoline stockpiles were expected to have fallen last week, with crude set to dip for the ninth consecutive time, an extended Reuters poll showed on Tuesday.

Ten analysts polled by Reuters estimated, on average, that crude stocks fell by about 4.5 million barrels in the week to July 16.

Crude inventories USOILC=ECI fell for the eighth straight time in the previous week, to July 9, as renewed vigor in the U.S. economy drove higher fuel demand. They fell by 7.9 million barrels, the Energy Information Administration said, far more than analysts' expectations for a decrease of 4.4 million barrels.

The latest 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, at 10:30 a.m. EDT (1430 GMT) on Wednesday.

Analysts estimated that stockpiles of gasoline USOILG=ECI fell by about 1 million barrels last week.

Distillate inventories USOILD=ECI, which include diesel and heating oil, were seen up by about 600,000 barrels.

The rate of refinery utilisation USOIRU=ECI was expected to have edged up 0.4 percentage point last week, from 91.8% of total capacity for the week ended July 9, 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

-2.9

0.8

-1.1

0.6

Citi Futures

-5.5

1.5

-1.5

0.5

Confluence

-4.5

0.5

-1.0

-0.5

Commodity Research Group

-4.5

0.2

-1.4

0.8

DTN

-3.5

2.1

-1.2

0.4

Excel Futures

-6.0

4.3

2.1

0.5

IHS Markit

-3.8

-0.8

0.4

0.2

Price Futures Group

-5.0

-2.0

-2.0

1.0

Refinitiv

-6.8

N/A

N/A

N/A

Ritterbusch Associates

-1.5

-0.4

-1.5

-0.3

(Reporting by Swati Verma and Bharat Govind Gautam in Bengaluru; editing by Barbara Lewis)

((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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