WASHINGTON, Oct 19 – PRIME Commercial stocks of oil in US storage facilities during the reporting week are likely to have increased compared to the previous week. This is the forecast of analysts and traders polled by the Wall Street Journal.
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According to an average of 10 analysts and traders, oil inventories in US storage increased by 1.7 million barrels in the week of October 8-14. One analyst is suggesting a reduction in inventory, and nine are suggesting an increase. Estimates range from -2 million barrels to +3 million barrels.
The publication of the weekly report of the Energy Information Administration (EIA) of the US Department of Energy is expected at 14.30 GMT.
Gasoline inventories, on average, analysts surveyed expect to be down 1.4 million barrels from the previous week. Estimates range from -3.3 million barrels to +1.8 million barrels.
Inventories of distillates, including heating and diesel fuel, as analysts assume on average, decreased by 2.2 million barrels during the reporting week. Estimates range from -3.7 million barrels to +500,000 barrels.
U.S. refinery capacity utilization fell 0.5 percentage points to 89.4% this week, the EIA is likely to report. Forecasts range from -1.5 percentage points to +0.5 percentage points. Two analysts did not provide a forecast for this indicator.
Data released on Tuesday from the American Petroleum Institute (API) showed a 1.3 million barrel fall in oil inventories for the reporting week, a 2.2 million barrel drop in gasoline inventories and a 1.1 million barrel decrease in distillate inventories, according to the source.