U.S. Crude, Product Stockpiles Seen Down In Latest Week


U.S. Crude, Product Stockpiles Seen Down In Latest Week

U.S. crude inventories were forecast to have fallen for the fourth straight week and refined product stockpiles were also seen down last week, a preliminary Reuters poll showed on Monday. Four analysts polled ahead of inventory reports from the industry group American Petroleum Institute (API) and the U.S. Department of Energy’s Energy Information Administration (EIA) estimated, on average, that crude stocks were likely down 1.8 million barrels in the week ended Oct. 13. Crude inventories dropped 2.7 million barrels in the week to Oct. 6, slightly more than analysts’ expectations in a Reuters poll for a decrease of 2 million barrels. Inventories have been declining in recent weeks, after an interruption due to Hurricane Harvey that knocked out nearly half of the Gulf Coast’s refining capacity at the end of August.  Read More…

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