Survey Indicates Likely Decrease in U.S. Crude and Product Inventories Last Week

Deep News06-03

A recent survey indicates that U.S. crude oil, distillate, and gasoline inventories likely all decreased last week.

On average, analysts participating in the survey estimated that crude inventories for the week ending May 29 fell by approximately 4 million barrels.

Estimates suggest gasoline inventories declined by about half a million barrels, while distillate stocks, which include diesel and heating oil, are projected to have decreased by roughly 300,000 barrels.

The survey also forecasts that refinery capacity utilization likely increased by 0.3 percentage points from the prior week's level of 94.5%.

According to data from an industry group released on Tuesday and cited by market sources, crude oil inventories for the week ending May 29 fell by 6.8 million barrels. In contrast, gasoline stocks reportedly increased by 3.5 million barrels, while distillate inventories saw a decline of 214,000 barrels.

Official government inventory data is scheduled for release on Wednesday.

Last week's official report showed that crude oil inventories had decreased by 3.3 million barrels, bringing the total to 441.7 million barrels for the week ending May 22.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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