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Ahead of the Bell: Crude oil reserves are expected to
The Energy Department is expected to report a 2.25 million-barrel drop in crude oil reserves on Wednesday for the week ended Aug. 13, 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.
Platts also expects gasoline stockpiles to decline by 1.6 million
barrels, distillate stocks to rise by 1.4 million barrels and refinery
utilization to decrease by 1.1 percentage point to 87 percent.
A reading above or below estimates can influence market trading.
Last Wednesday, the EIA said for the week ended Aug. 6 crude inventories
fell by 3 million barrels to 355 million barrels; gasoline inventories
rose by 400,000 barrels to 223.4 million barrels; and distillate
inventories rose by 3.5 million barrels to 173.1 million barrels.
Source: Associated Press
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