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SMALL BUSINESS
Ahead of the Bell: Draw in crude reserves expected
AP
NEW YORK -The Energy Department will likely report a 1 million-barrel draw in crude oil reserves on Wednesday for the week ended Jan. 29, 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. EST.
Platts expects gasoline stockpiles to rise by 1.5 million barrels, distillate stocks to decline by 1.2 million barrels and refinery utilization to increase a quarter of a percentage point to 78.75 percent.
A reading above or below estimates can influence market trading.
Last Wednesday, the EIA said for the week ended Jan. 22 crude inventories fell by 3.9 million barrels to 326.7 million barrels; gasoline inventories rose by 2 million barrels to 229.4 million barrels; and distillate inventories 400,000 barrels to 157.5 million barrels.
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2010-02-03 07:58:59
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