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U.S Crude Oil Stockpiles Projected To Rise, Gasoline And Distillate Stocks To Drop
U.S Crude Oil Stockpiles Projected To Rise, Gasoline And Distillate Stocks To Drop By Investing.com
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EditorVenkatesh JartarkarStock Markets
Published Oct 31, 2023 03:24PM ET
© Reuters.
U.S. commercial crude oil stockpiles are projected to increase by 500,000 barrels for the week ended Sunday, according to estimates from eight analysts and traders surveyed by The Wall Street Journal. The estimates varied, with predictions ranging from a decrease of 2.6 million barrels to an increase of 3.5 million barrels in inventories.
Meanwhile, gasoline stocks are anticipated to decrease by 500,000 barrels. Distillate stocks, which primarily consist of diesel fuel, are expected to drop by 1.9 million barrels. These changes in stockpiles reflect the evolving dynamics of the energy market, as demand and supply factors fluctuate.
In addition, refinery use is likely to increase by 0.3 percentage points this Wednesday. This uptick in refinery activity suggests that energy producers are ramping up operations to meet consumer and industrial demand.
The Department of Energy’s Energy Information Administration (DOE’s EIA) is set to release this closely watched data at 10:30 a.m. EDT. The data will provide further insights into the state of U.S. energy inventories and could influence decisions made by energy companies, investors, and policymakers alike.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
U.S Crude Oil Stockpiles Projected To Rise, Gasoline And Distillate Stocks To Drop
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