SunSirs: Outlook: The Inventory of Crude Oil and Fractions in the United States Increased Last Week, while Gasoline Inventory Decreased

https://www.chemnet.com   Aug 06,2024 SunSirs

According to foreign news on August 5th, a preliminary investigation released on Monday showed that US crude oil and distillate inventories were expected to increase last week, while gasoline inventories were expected to decline.

On average, the four interviewed institutions estimate that as of the week ending August 2nd, US crude oil inventories are expected to increase by 900,000 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.

EIA stated that as of the week ending July 26, US crude oil inventories fell 3.4 million barrels to 433.05 million barrels, with analysts previously expecting a decline of 1.1 million barrels. Crude oil inventories have declined for the fifth consecutive week, marking the longest continuous decline since January 2021.

Analysts expect gasoline inventories to decrease by about 1.9 million barrels last week, with distillate inventories including diesel and heating oil expected to decline by about 200,000 barrels.

The survey found that the capacity utilization rate of the refinery is expected to increase by 0.9 percentage points compared to the previous week's 90.1%.

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