By Dan Molinski
U.S. crude-oil inventories are expected to have decreased slightly from the previous week in data due Thursday from the Energy Department, according to a survey by The Wall Street Journal.
The average of estimates from 11 analysts and traders showed U.S. commercial crude-oil stockpiles are projected to have declined by 100,000 barrels for the week ended June 16. Five analysts forecast a decline and six analysts predict an increase. Forecasts range from a decrease of 4.2 million barrels to an increase of 2.5 million barrels.
The forecasts for a decrease come despite a preliminary U.S. Department of Energy report indicating it sold another 1.7 million barrels of crude last week from the nation's Strategic Petroleum Reserve to the commercial side. That would bring those emergency crude supplies down to a nearly 40-year low of 350 million barrels.
The closely watched inventory data from the DOE's Energy Information Administration are scheduled for release at 11 a.m. ET Thursday, a day later than normal due to the Juneteenth holiday.
Gasoline inventories are expected to fall by 500,000 barrels from the previous week, according to analysts. Estimates range from a decrease of 2.6 million barrels to an increase of 1.4 million barrels.
Stocks of distillates, which are mostly diesel fuel, are expected to rise by 600,000 barrels from the previous week. Forecasts range from a decrease of 3 million barrels to an increase of 2.6 million barrels.
Refinery use likely slipped by 0.1 percentage point from the previous week at 93.6%. Forecasts range from a decrease of 0.8 percentage point to an increase of 1 percentage point. Two analysts didn't make a forecast.
Refinery Crude Gasoline Distillates Use Again Capital 1.6 1.4 2.6 -0.8 Citi Futures 2.5 1 1 0.5 Commodity Research Group -0.7 0.6 1.2 -0.4 Confluence Investment Management -2 -0.5 1.5 1 DTN 1.4 -1.2 0.8 -0.7 Excel Futures 1.9 -0.2 -0.2 0.2 Spartan Capital Securities -2.1 -1.2 2.5 n/f Mizuho -1 1 1 -0.5 Price Futures Group -4.2 -2.5 -3 -0.5 Ritterbusch and Associates 1 -0.9 0.2 0.6 Tradition Energy 0.5 -2.6 -0.8 n/f AVERAGE -0.1 -0.5 0.6 -0.1 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 dan.molinski@wsj.com
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June 21, 2023 at 10:34PM
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U.S. Crude-Oil Stockpiles Likely Declined in DOE Data, Analysts Say - MarketWatch
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