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Ahead of the Bell: Analysts see oil reserve boost



By AP
05 November 2008 @ 06:11 am EST

NEW YORK - The Energy Department will likely report a 500,000 barrel jump in crude oil reserves on Thursday for the week ended Oct. 31, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

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The Energy Information Administration releases its weekly report at 10:35 a.m. EDT

Platts also expects gasoline stockpiles to fall by 1.1 million barrels, distillate stocks to rise by 1.4 million barrels and refineries to increase capacity by 0.2 percent to 85.5 percent.

Last Wednesday, the EIA said for the week ended Oct. 24 crude-oil inventories rose 500,000 barrels to 311.9 million barrels; gasoline reserves fell 1.5 million barrels to 195 million barrels; distillate inventories rose 2.3 million barrels to 126.6 million barrels; and U.S. refineries ran at 85.3 percent of total capacity on average, a gain of 0.5 percentage points.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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