Another look at the expected petroleum stockpile shifts ahead of key EIA data reveals no modifications.
March 26 (Reuters) – According to an extended Reuters survey, U.S. crude oil and gasoline inventories are likely to have decreased once more in the past week, while distillate supplies are predicted to have expanded.
Out of six analysts surveyed by Reuters, the consensus was that crude stockpiles diminished by approximately 1.3 million barrels in the week ending March 22, marking the third consecutive weekly reduction.
The survey preceded the release of reports from the American Petroleum Institute and the Energy Information Administration (EIA) – both significant sources of industry data.
Previously,USOILC=ECI crude inventories fell for two consecutive weeks, reaching 445 million barrels by March 15, as reported by the EIA. This decline of 2 million barrels contrasted with analysts’ expectations of a 13,000-barrel incline.
REUTERS FORECAST CHANGE FOR WEEK ENDED
Predicted Changes for March 22, 2024
Actual Figures Ending March 15, 2024 (EIA)
Past Week’s Changes
Year-on-Year Variation as of March 24, 2023
CRUDE OIL
-1.3 Million Barrels
445 Million Barrels
-2 Million Barrels
-7.5 Million Barrels
DISTILLATE
0.5 Million Barrels
118.5 Million Barrels
0.6 Million Barrels
0.3 Million Barrels
GASOLINE
-1.7 Million Barrels
230.8 Million Barrels
-3.3 Million Barrels
-2.9 Million Barrels
REFINERY RUNS
1.0 Percentage Point Increase
87.8%
1.0 Percentage Point Increase
1.7 Percentage Point Increase
NATURAL GAS STORAGE FORECAST
-32 to -24 Billion Cubic Feet (Four Projections)
Surveyed analysts projected a 1.7 million-barrel decrease in gasoline inventory USOILG=ECI during the previous week, extending an eight-week streak of decline.
On the other hand, distillate supplies USOILD=ECI were forecasted to grow by approximately 500,000 barrels.
The anticipated refinery capacity utilization rate USOIRU=ECI was expected to rise by 0.9 percentage points from the prior week’s 87.8%.
All stock figures are in million-barrel units, while refinery utilization changes are represented in percentage points.
Entity
Crude
Distillate
Gasoline
Refinery Runs
Again Capital
1.8
-0.9
-1.7
0.8
Confluence
-1.0
1.0
-2.0
-0.5
DTN
-1.4
1.2
-1.8
1.2
Excel Futures
-2.3
-1.1
-2.7
1.2
LSEG
-1.7
0.5
-1.1
0.9
Ritterbusch Associates
-1.0
-0.5
-0.9
0.9
(Reporting by Daksh Grover in Bengaluru Editing by Marguerita Choy)
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
