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

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By Dan Molinski

U.S. commercial crude-oil stockpiles are expected to have risen 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 11 analysts and traders showed U.S. oil inventories are projected to have increased by 1.3 million barrels for the week ended Sept. 30, with just two analysts forecasting a decline and nine predicting an increase. Forecasts range from a decrease of 3 million barrels to an increase of 4.7 million barrels.

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

Gasoline stockpiles are expected to decrease by 1 million barrels from the previous week, according to analysts. Estimates range from a decrease of 2.5 million barrels to an increase of 1.4 million barrels.

Stocks of distillates, which include heating oil and diesel, are expected to fall by 1.4 million barrels from the previous week. Forecasts range from a decrease of 3.1 million barrels to an increase of 1.2 million barrels.

Refinery use likely declined by 0.4 percentage point from the previous week to 90.2%. Forecasts range from a 1.3 percentage-point decrease to a 0.4 percentage-point increase. Two analysts didn't make a forecast.

The American Petroleum Institute, an industry group, said late Tuesday its data for the week showed a 1.8 million-barrel decrease in crude supplies, a 3.5 million-barrel fall in gasoline stocks and a 4 million-barrel drop in distillate inventories, according to a source.

                                                                    Refinery 
                                    Crude   Gasoline   Distillates    Use 
Again Capital                        1.8      -2.3         -1.4       0.4 
Citi Futures                         2.5        -1         -1.5      unch 
Commodity Research Group             4.7      -1.1          1.2      -1.3 
Confluence Investment Management     2.5       0.5         -1.5        -1 
DTN                                  2.1      -1.8          0.5      -0.5 
Excel Futures                        1.8      -2.3         -3.1      -0.6 
Spartan Capital Securities          -0.8       1.4         -2.9       n/f 
Mizuho                                 1        -1           -1      -0.5 
Price Futures Group                   -3      -2.5           -3      unch 
Ritterbusch and Associates           1.5       0.7         -1.3      -0.5 
Tradition Energy                     0.2        -2         -1.5       n/f 
 
AVERAGE                              1.3      -1.0         -1.4      -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

10-04-22 1701ET