A media-led survey indicates that US crude oil inventories are likely to decrease for a second consecutive week, while projections for refined product stocks are mixed. Gasoline supplies are expected to fall, but distillate fuel stockpiles are forecast to rise.
Based on the average estimate from seven analysts and traders, commercial crude inventories are expected to have fallen by 1.2 million barrels for the week ending July 31, settling at 403.3 million barrels. Within the group, five analysts forecast a decline, while two predicted an increase. The individual estimates ranged from a decrease of 4.9 million barrels to an increase of 1.8 million barrels.
Gasoline stockpiles are projected to drop by 1.1 million barrels to 210.2 million barrels, with forecasts varying from a decline of 2.4 million barrels to a rise of 600,000 barrels. The survey also shows that distillate fuel inventories, which are primarily diesel, are expected to increase by 400,000 barrels to 111 million barrels. Estimates for this category ranged from a decrease of 2.5 million barrels to an increase of 2.7 million barrels.
Refinery utilization rates are anticipated to slide by 0.5 percentage points to 96.7%. The predictions for this metric varied from an increase of 0.2 percentage points to a decrease of 0.9 percentage points. One analyst did not provide a forecast for refinery run rates. The Energy Information Administration is scheduled to release the official inventory data at 10:30 a.m. Eastern Time on Wednesday.
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