US crude stocks expected to rise for sixth consecutive week

US crude stocks expected to rise for sixth consecutive week

U.S. crude stockpiles likely rose for the sixth straight week, while refined products stockpiles likely fell last week, an extended Reuters poll showed on Tuesday.

FILE PHOTO: Pump jacks operate at sunset in Midland, Texas
FILE PHOTO: Pump jacks operate at sunset in Midland, Texas, U.S. February 11, 2019. REUTERS/Nick Oxford

Oct 22: U.S. crude stockpiles likely rose for the sixth straight week, while refined products stockpiles likely fell last week, an extended Reuters poll showed on Tuesday.

Eleven analysts polled by Reuters estimated, on average, that crude inventories rose around 2.2 million barrels in the week to Oct. 18.

Crude inventories rose by 9.3 million barrels in the week ended Oct. 11, compared with expectations for an increase of 2.9 million barrels.

The poll was conducted ahead of reports from the American Petroleum Institute (API), an industry group, and the Energy Information Administration (EIA), an agency of the U.S. Department of Energy.

The API is scheduled to release its data for the latest week at 4:30 p.m. EDT (2030 GMT) on Tuesday, and the weekly EIA report is due at 10:30 a.m. EDT on Wednesday.

Analysts estimated that stockpiles of gasoline likely fell 2.3 million barrels last week.

Distillate stockpiles , which include diesel and heating oil, were likely down by 2.8 million barrels.

The rate of refinery utilization was expected to increase 1 percentage point last week, from 83.1per cent of total capacity for the week ended Oct. 11, according to the poll.

(Reporting by Anjishnu Mondal in Bengaluru; Editing by Chris Reese)

Source: Reuters

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