Data from the Energy Department, set to be released on Wednesday, is anticipated to show a decline in U.S. crude-oil stockpiles, according to a survey by The Wall Street Journal.
Projected Decrease in Stockpiles
The average estimate from 10 analysts and traders suggests that U.S. commercial crude-oil stockpiles will have decreased by 1 million barrels for the week ended September 15. Out of the 10 forecasters, seven predict a decrease, while three expect an increase. The projected range spans from a decrease of 3.5 million barrels to an increase of 3.8 million barrels.
Release Timing
The eagerly awaited inventory data from the DOE's Energy Information Administration is scheduled to be released at 10:30 a.m. EDT on Wednesday.
Gasoline Inventories to Rise
Analysts predict that gasoline inventories will rise by 500,000 barrels compared to the previous week. Estimates vary from a decrease of 3 million barrels to an increase of 3.1 million barrels.
Decrease in Distillate Stocks
Stocks of distillates, primarily diesel fuel, are projected to decrease by 200,000 barrels from the previous week. Forecasts indicate a range from a decrease of 3 million barrels to an increase of 1.9 million barrels.
Refinery Use Likely Fell by 0.6 Percentage Point
According to forecasts, refinery use likely decreased by 0.6 percentage point from the previous week to reach 93.1%. Analysts have provided a range of predictions, with some expecting a decrease of 1 percentage point and others indicating a potential increase of 0.4 percentage point. It's worth noting that two analysts did not provide a forecast.
American Petroleum Institute Data
The American Petroleum Institute (API), an industry group, released its own data for the week. According to a source, the API reported a decrease of 5.3 million barrels in crude supplies, a rise of 732,000 barrels in gasoline stocks, and a decrease of 258,000 barrels in diesel inventories.
Analyst Forecasts
Here are the forecasts provided by various analysts:
| Analyst | Crude | Gasoline | Distillates | Refinery Use | |---------------------------|-------|----------|-------------|--------------| | Again Capital | -1.9 | 2.2 | 1.1 | 0.4 | | Commodity Research Group | -3.5 | 1.2 | 1.1 | -1 | | Confluence Investment Management | -1.5 | -0.5 | -1 | -1 | | DTN | -2.5 | 0.5 | 0.5 | -0.5 | | Excel Futures | 3.8 | 3.1 | 1.9 | -0.7 | | Spartan Capital Securities| 2.6 | 1.5 | 1.2 | n/f | | Mizuho | 2 | 1 | 1 | -1 | | Price Futures Group | -3 | -3 | -3 | -1 | | Ritterbusch and Associates| -2.5 | -1.4 | -1.5 | 0.4 | | Tradition Energy | -3.5 | 0.2 | -3 | n/f | | AVERAGE | -1.0 | 0.5 | -0.2 | -0.6 |
Note: The numbers provided are in millions of barrels, with the exception of refinery use, which is measured in percentage points.
