Analysts anticipate a decrease in U.S. crude oil and fuel inventories for the week ending December 20, according to a recent Reuters poll. The survey suggests a notable drop in crude stockpiles, alongside reductions in both gasoline and distillate supplies. This comes ahead of official reports from the American Petroleum Institute (API) and the Energy Information Administration (EIA).
The consensus among five analysts polled by Reuters indicates a crude oil inventory decline of approximately 1.9 million barrels. This expected drawdown follows a reported decrease of 934,000 barrels the previous week, bringing total reserves to 421 million barrels. These fluctuations highlight the ongoing volatility in crude oil supplies.
Furthermore, projections point to a 1.1 million barrel reduction in gasoline stockpiles and a 300,000 barrel decrease in distillate inventories, which include diesel and heating oil. These projected declines suggest a robust demand for these key fuels during the period under review.
In addition to inventory changes, refinery utilization rates are also expected to have experienced a minor adjustment, with a projected decrease of 0.4 percentage points from the previous week's level of 91.8%. This adjustment signifies a slight drop in refinery output.
Contradictory market data from the American Petroleum Institute (API) indicates a 3.2 million barrel drop in crude oil inventories, coupled with a significant 3.9 million barrel rise in gasoline stocks and a 2.5 million barrel decrease in distillates for the same period. These figures, while preliminary, offer a contrasting view of the market's dynamics and further highlight the volatility in the energy sector.
The official release from the American Petroleum Institute is slated for later Tuesday, with the Energy Information Administration report delayed until Friday due to the Christmas holiday. These reports will provide a definitive look at the week's inventory changes and their potential market impact.
