The Energy Department will likely report a 1.8 million-barrel drop in crude oil reserves on Thursday for the week ended Sept. 4, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.
The Energy Information Administration releases its weekly report at 10:30 a.m. EDT on Thursday, a day later than usual due to the Labor Day holiday.
Platts also expects gasoline stockpiles to decline by 1.5 million barrels, distillate stocks to rise by 1.1 million barrels and refinery utilization to increase 0.7 percentage point to 86.5 percent.
A reading above or below estimates can influence market trading.
Last Wednesday, the EIA said for the week ended Aug. 28 crude inventories fell by 400,000 barrels to 343.4 million barrels; gasoline inventories fell by 3 million barrels to 205.1 million barrels; and distillate inventories rose by 1.2 million barrels to 163.6 million barrels.
Last week’s crude oil figure fell less steeply than the draw of 1.9 million barrels analysts expected.
After that report, benchmark crude prices rose 15 cents to $68.20 per barrel on the New York Mercantile Exchange. (AP)
