According to a recent Reuters poll, oil and product stockpiles were anticipated to decrease last week. Ten analysts predicted an average decrease of approximately 1.4 million barrels in crude inventories for the week ending Sept. 20.
The American Petroleum Institute was set to release their report at 4:30 p.m. EDT on Tuesday, followed by the Energy Information Administration’s report at 10:30 a.m. EDT on Wednesday.
In the previous week, crude inventories dropped by 1.6 million barrels to 417.5 million barrels, as reported by the EIA. This was in contrast to analysts’ expectations of a 500,000-barrel draw.
Analysts also projected a slight decline in gasoline stockpiles by 20,000 barrels and a reduction of about 1.6 million barrels in distillate inventories.
The poll indicated a 0.7 percentage point decrease in refinery utilization from the previous week’s 92.1% capacity.
Overall, the forecasted changes in stockpiles and refinery runs by various organizations suggest a potential shift in the oil market landscape.
It is essential for investors to closely monitor these developments as they could impact oil prices and investment decisions in the coming days.
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