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US Crude Storage Seen Falling 1.7m Bbl: Revised Reuters Survey

OIL

US crude oil and gasoline stockpiles were seen falling last week, according to a revised Reuters survey of ten analysts.

  • Crude inventories are now seen falling by a smaller 1.6m bbl in the week to July 19. Estimates ranged from -3.6m bbl to +2.8m bbl.
  • The earlier survey including just 6 analysts saw crude falling by 2.5m bbl.
  • Gasoline inventories are seen falling by 0.4m bbl, compared to the previous estimate of 0.5m bbl. Responses ranged from -2m bbl to +2.5m bbl.
  • Distillate inventories, which include diesel and heating oil, are seen up by 0.2m bbl (vs +30k bbl previously). Estimates ranged from -2m bbl to +3m bbl.
  • Refinery runs are seen down 0.2 percentage points on the week at 93.5%. Estimates ranged from -1.8 percentage points to +0.9 percentage points.
  • The EIA will report the official figures at 10:30ET July 24.
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