SunSirs: Outlook: US Crude Oil and Gasoline Inventories Decreased Last Week

https://www.chemnet.com   Jul 23,2024 SunSirs

According to foreign news on July 22nd, a preliminary investigation released on Monday showed that US crude oil and gasoline inventories decreased last week, while distillate inventories may increase.

On average, six surveyed institutions estimate that as of the week ending July 19th, US crude oil inventories are expected to decrease by 2.5 million barrels.

The American Petroleum Institute (API) will release the industry version of its inventory weekly report at 4:30 Beijing time on Wednesday, and the Energy Information Administration (EIA) will release its official inventory report at 22:30 on Wednesday.

Last week's EIA data showed that as of the week ending July 12th, US crude oil inventories decreased by 4.9 million barrels to 440.2 million barrels, with analysts expecting a decline of 33,000 barrels.

Analysts estimate that the inventory of gasoline depots decreased by about 500,000 barrels last week, while the inventory of distillate depots, including diesel and heating oil, increased by about 33,000 barrels.

According to the survey, the utilization rate of refinery capacity last week was expected to decrease 0.3% compared to the previous week's 93.7%.

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