The holiday delayed crude oil inventory data due out later today is, according to a survey of experts, expected to show a drop for the second consecutive week. This week’s decline is expected to be 1.3m barrels. Gasoline stocks too are expected to show a fall as refiners lower output and imports after the Labor Day holiday. In addition suppliers will be clearing out their inventories of summer grade gasoline ahead of the switch to winter grade fuel. Gasoline stocks are therefore expected to drop by 1.2m barrels. Meanwhile stocks of distillates (diesel/heating oil) which ended August at a 28 year high for the month and 23.3% above adjusted year earlier levels, are expected to rise again by 700k barrels in this latest week. Refining capacity, which last week reached 87.15%, its highest level since July 10, is expected to remain unchanged or slightly weaker.
In summary the numbers are:
Crude: -1.3
Gasoline: -1.2
Distillates: +700k
Refining: -0.1%
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