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U.S. crude and product inventories seen falling last week

U.S. crude and product inventories likely declined last week, with crude stockpiles expected to fall for a fourth straight week, a preliminary Reuters poll showed on Monday.

Five analysts polled by Reuters estimated, on average, that crude stocks slipped by about 2.8 million barrels in the week to Aug. 27.

Crude inventories fell by 3 million barrels in the week to Aug. 20, slightly higher than analysts’ expectations in a Reuters poll for a 2.7 million-barrel drop. At 432.6 million barrels, crude stocks were at their lowest since January 2020.

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 (1430 GMT) on Wednesday.

Analysts estimated that stockpiles of gasoline dropped by about 1.7 million barrels last week.

Distillate inventories, which include diesel and heating oil, are expected to have decreased by 600,000 barrels.

The rate of refinery utilization was seen 0.3% lower from 92.4% of total capacity for the week ended Aug. 20, the poll found.
Source: (Reporting by Nakul Iyer in Bengaluru; editing by Jonathan Oatis)

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