U.S. Distillate Supplies Dropped 1 Million Barrels, Bloomberg Survey Shows
U.S. distillate fuel inventories probably fell for a 10th week as consumption increased, a Bloomberg News survey showed.
Stockpiles of distillates, a category that includes heating oil and diesel, dropped 1.1 million barrels in the seven days ended Nov. 26 from 158.3 million, according to the median of 11 analyst estimates before an Energy Department report tomorrow. Ten of the respondents forecast a decrease and one said there was an increase.
“Distillate stocks should indicate a moderate decline as implied demand likely rebounded further in response to colder temperatures,” said Jim Ritterbusch, president of Ritterbusch & Associates, a Galena, Illinois, consulting firm.
Consumption of distillate fuel rose 0.6 percent to 3.8 million barrels a day in the week ended Nov. 19, up 3.9 percent from a year earlier, the department reported on Nov. 24.
Gasoline inventories probably rose 750,000 barrels from 209.6 million the prior week. Seven analysts anticipated a gain and four projected a decline.
Stockpiles of crude oil declined 900,000 barrels from 358.6 million the previous week. Seven respondents projected a decline and four said there was an increase.
Refineries operated at 85.8 percent of capacity last week, up 0.3 percentage point from the previous week, according to the median of analyst responses. U.S. refineries often restart units in November after conducting maintenance to prepare for the winter heating season.
The Energy Department is scheduled to release its weekly report at 10:30 a.m. on Dec. 1 in Washington.
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