POLL-US crude inventories grew, products fell last week

Credit: REUTERS/BRENDAN MCDERMID

March 14 (Reuters) - U.S. crude oil stockpiles were seen higher last week, while a drop was expected in distillate and gasoline inventories, an extended Reuters poll showed on Tuesday.

Nine analysts polled by Reuters estimated on average that crude inventories rose by about 1.2 million barrels in the week to March 10.

The poll was conducted ahead of reports from the American Petroleum Institute, an industry group, due at 4:30 p.m. EDT (2030 GMT) on Tuesday, and the Energy Information Administration, the statistical arm of the U.S. Department of Energy, due at 10:30 a.m. (1430 GMT) on Wednesday.

REUTERS FORECAST CHANGE FOR WEEK ENDED 3/10/23

ACTUAL FOR WEEK (EIA) ENDED

3/3/23

CHANGE VS PREVIOUS WEEK

YR-AGO CHANGE WEEK ENDED 3/11/22

CRUDE

1.2 MLN

478.5 MLN

-1.7 MLN

4.3 MLN

DISTILLATE

-1.2 MLN

122.3 MLN

0.1 MLN

0.3 MLN

GASOLINE

-1.8 MLN

238.1 MLN

-1.1 MLN

-3.6 MLN

REFINERY RUNS

0.3 PCT PT

86.0%

0.2 PCT PT

1.1 PCT PT

NATGAS STORAGE FORECAST

-73 BCF TO -49 BCF (EIGHT FORECASTS)

Crude inventories USOILC=ECIfell by 1.7 million barrels to 478.5 million barrels in the week ending March 3, compared with analysts' expectations in a Reuters poll for a 0.4 million-barrel rise.

Distillate inventories USOILD=ECI, which include diesel and heating oil, were expected to have decreased by about 1.2 million barrels last week.

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

The rate of refinery utilization USOIRU=ECI was seen 0.3 percentage point higher from 86.0% of total capacity for the week ended March 3, the poll found.

All figures for stocks are in millions of barrels. Refinery runs change is measured in percentage points.

Organization

Crude

Distillate

Gasoline

Refinery runs

Again Capital

3.1

-1.4

-1.9

-0.4

Citi Futures

3.5

-1.5

-2.5

0.5

Confluence

1.5

-1.5

-2.5

1.0

Commodity Research Group

1.9

-0.7

1.7

0.5

DTN

1.3

0.3

-1.1

-0.1

Excel Futures

-2.1

-0.7

-1.6

0.4

Price Futures Group

-3.0

-3.0

-3.0

0.0

Refinitiv

1.1

--

-1.1

0.0

Ritterbusch Associates

1.5

-1.2

-2.0

1.0

(Reporting by Harshit Verma in Bengaluru; Editing by David Gregorio)

((Harshit.Verma@thomsonreuters.com;))

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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