U.S. crude oil inventories remain steady, gasoline and diesel stocks expected to drop

The {{8849|U.S. crcrude oil inventories are likely to remain steady from the previous week, according to data from the Department of Energy’s Energy Information Administration (DOE’s EIA) scheduled for release today. The Wall Street Journal survey reveals that commercial crude stockpiles saw a minor increase of 10,000 barrels for the week ending Sunday.

The estimates, however, were diverse among ten analysts and traders surveyed. Four predicted a decrease, six anticipated an increase, while two offered no forecast. The predictions varied from a drop of 3 million barrels to a gain of 2.2 million barrels.

In contrast, gasoline stockpiles are projected to decline by 300,000 barrels. The estimates ranged widely, from a decrease of 2.5 million barrels to an increase of 1.5 million barrels.

Distillates, primarily diesel fuel, are expected to drop by 1.1 million barrels. Forecasts for distillates also showed variation with projections ranging from a decrease of 2.9 million barrels to an upswing of 1.1 million barrels.

Refinery utilization is likely to have risen by 0.5 percentage point to 86.6%. The forecasts for refinery utilization showed a range from no change to a 1.5 percentage point increase.

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