Ahead of the Bell: Crude reserves expected to rise

AP News
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Posted: Oct 14, 2010 7:30 AM
Ahead of the Bell: Crude reserves expected to rise

The Energy Department is expected to report an increase in oil inventories and a decrease in gasoline stockpiles for the week ended Oct. 8, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

The Energy Information Administration releases its weekly report at 11:00 a.m. EDT Thursday, a day later than usual because of the Columbus Day federal holiday on Monday.

Crude inventories are forecast to increase by 1.5 million barrels while gasoline reserves are expected to decline by 1.6 million barrels, Platts said. Distillate stocks, which include diesel and heating oil, were forecast to drop by 1.5 million barrels.

Analysts think refinery operating capacity will rise 0.6 percentage point to 83.7 percent.

A reading above or below the estimates can influence market trading.

For the week that ended Oct. 1, the government said commercial crude inventories rose by 3.1 million barrels to 360.9 million barrels; gasoline inventories shrank by 2.6 million barrels to 219.9 million barrels and distillate stocks fell by 1.1 million barrels to 172.5 million barrels.