U.S. Crude-Oil Stockpiles Likely Declined in DOE Data, Analysts Say -- Update

By Dan Molinski

U.S. crude-oil stockpiles are expected to have decreased from the previous week in data due Wednesday from the Energy Department, according to a survey of analysts and traders by The Wall Street Journal.

Estimates from 10 analysts and traders showed U.S. oil inventories are projected to have declined by 1.9 million barrels for the week ended June 3. All but one of the analysts surveyed are expecting a decline. Forecasts range from a decrease of 4 million barrels to an increase of 1.5 million barrels.

The closely watched survey from the DOE's Energy Information Administration is scheduled for release at 10:30 a.m. ET Wednesday.

Gasoline stockpiles are expected to increase by 300,000 barrels from the previous week, according to analysts. Estimates range from a decrease of 3 million barrels to an increase of 3.5 million barrels.

Stocks of distillates, which include heating oil and diesel, are expected to rise by 800,000 barrels from the previous week. Forecasts range from a decrease of 3 million barrels to an increase of 3.5 million barrels.

Refinery use likely rose by 0.4 percentage point from the previous week, to 93.0% of capacity. Forecasts range from unchanged to an increase of 0.9 percentage point. Two analysts didn't make a forecast.

The American Petroleum Institute, an industry group, said late Tuesday that its own data for the week showed a 1.8-million-barrel increase in crude supplies, a 1.8-million-barrel rise in gasoline stocks and a 3.4-million-barrel increase in distillate inventories, according to a source.

 
                                                                 Refinery 
                                   Crude  Gasoline  Distillates   Use 
Again Capital                       -2.6       1.9          1.1       0.3 
Citi Futures                        -2.5       3.5          3.5       0.5 
Commodity Research Group            -0.9       0.1          0.7       0.9 
Confluence Investment Management      -2       1.5          0.5       0.5 
DTN                                 -0.5      -0.8          0.5       0.3 
Spartan Capital Securities          -1.6      -2.3          2.7       n/f 
Mizuho                                -3        -1         -0.5       0.3 
Price Futures Group                   -3        -3           -3      unch 
Ritterbusch and Associates           1.5       2.0          2.5       0.7 
Tradition Energy                      -4         1         -0.5       n/f 
 
AVERAGE                             -1.9       0.3          0.8       0.4 
 

n/f = no forecast

unch = unchanged

Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.

Write to Dan Molinski at [e-mail]

(END) Dow Jones Newswires

06-07-22 1701ET