Oil and Distillate Stockpiles Expected to Have Fallen, Gasoline Inventories to Have Risen
According to a preliminary Reuters poll, oil and distillate stockpiles are expected to have fallen last week, while gasoline inventories are expected to have risen. Three analysts polled by Reuters estimated that crude inventories fell by approximately 3.5 million barrels in the week to January 10.
In the previous week, crude inventories fell by 959,000 barrels to 414.6 million barrels, according to the Energy Information Administration (EIA). The EIA is set to release its report on Wednesday, and the American Petroleum Institute (API) will release its report on Tuesday.
The poll also found that distillate inventories, which include diesel and heating oil, are expected to have decreased by about 1 million barrels last week. Analysts estimated gasoline stockpiles rose by approximately 2.7 million barrels, while the rate of refinery utilization is expected to have decreased by 1 percentage point to 93.3% of total capacity.