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SunSirs: US Crude Oil Inventories Expected to Increase by approximately 2.6 Million Barrels Last Week
March 05 2024 13:41:50SunSirs(Selena)

According to foreign news on March 4th, a preliminary survey released on Monday showed that US crude oil inventories may have increased last week, while gasoline and distillate storage materials declined.

On average, the four analytical firms surveyed estimate that as of the week ending March 1st, US crude oil inventories are expected to increase by approximately 2.6 million barrels.

The American Petroleum Institute (API) will release the industry version of its weekly inventory report on Wednesday at 5:30 Beijing time, while the US Energy Information Agency (EIA) will release the official version of its weekly inventory report on Wednesday at 23:30 Beijing time.

Previously, an EIA report stated that as of the week ending February 23, US crude oil inventories had risen for the fifth consecutive week, with an increase of 4.2 million barrels, reaching 447.2 million barrels. Analysts expected an increase of 2.7 million barrels.

Analysts estimate that gasoline inventories in the United States decreased by about 1.6 million barrels last week, while distillate storage, including diesel and heating oil, decreased by about 1 million barrels.

The survey shows that the utilization rate of refinery capacity has increased by 1.4 percentage points, compared to 81.5% in the previous week.


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