U.S. crude inventories seen up for third week, products likely down – Reuters poll
U.S. crude inventories were forecast to have risen for the third straight week, while refined product stockpiles likely fell last week, a preliminary Reuters poll showed on Monday.
Six analysts polled ahead of inventory reports from industry group American Petroleum Institute (API) and the U.S. Energy Department’s Energy Information Administration (EIA) estimated, on average, that crude stocks were seen rising 1.5 million barrels in the week ended March 9.
Crude inventories rose by 2.4 million barrels in the week ended March 2, which was less than the 2.7 million barrel increase analysts had forecast.
The API is scheduled to release its data for last week at 4:30 p.m. EDT (2030 GMT) on Tuesday, and the EIA report is due at 10:30 a.m. EDT (1430 GMT) on Wednesday.
Analysts forecast that stockpiles of gasoline fell 2.1 million barrels last week.
Distillate inventories, which include heating oil and diesel fuel, were seen down 1.4 million barrels last week, the poll showed.
The rate of refinery utilization was projected to fall 0.5 percentage point from 88.0 percent of total capacity in the week ended March 2, according to the poll.
Source: Reuters (Reporting by Karen Rodrigues in Bengaluru; Editing by Chizu Nomiyama)