Ahead Of The Bell: Rise In Crude Reserves Expected

NEW YORK (AP) — The Energy Department will likely report a 1 million-barrel build in crude oil reserves on Wednesday for the week ended Nov. 6, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

The Energy Information Administration releases its weekly report at 11 a.m. EST.

Platts also expects gasoline stockpiles to rise by 700,000 barrels, distillate stocks to fall by 900,000 barrels and refinery utilization to increase 0.4 percentage point to 81 percent.

A reading above or below estimates can influence market trading.

Last Wednesday, the EIA said for the week ended Oct. 30 crude inventories fell by 4 million barrels to 335.9 million barrels; gasoline inventories fell by 300,000 barrels to 208.3 million barrels; and distillate inventories fell by 400,000 barrels to 167.4 million barrels.

Last week's crude oil figure missed the build of 1.3 million barrels analysts expected.

After that report, benchmark crude prices rose $1.20 to $80.80 per barrel on the New York Mercantile Exchange.