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 nine analysts and traders showed U.S. oil inventories are projected to have declined by 800,000 barrels for the week ended June 24. Seven of the analysts surveyed are expecting a decline, while two forecast an increase. Forecasts range from a decrease of 3.1 million barrels to an increase of 3 million barrels.
The closely watched survey from the DOE's Energy Information Administration is scheduled for release at 10:30 a.m. ET Wednesday. The release is also scheduled to include a weekly report for the week ending June 17, which was supposed to be published last week, but has been delayed due to electrical voltage issues that damaged the government's computer hardware systems.
Gasoline stockpiles are expected to decrease by 800,000 barrels from the previous week, according to analysts. Estimates range from a decrease of 3 million barrels to an increase of 1.1 million barrels.
Stocks of distillates, which include heating oil and diesel, are expected to rise by 200,000 barrels from the previous week. Forecasts range from a decrease of 2 million barrels to an increase of 2.9 million barrels.
Refinery use likely rose by 0.5 percentage point from the previous week. Forecasts range from increases of 0.2 percentage point to 1 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 3.8-million-barrel decrease in crude supplies, a 2.9-million-barrel rise in gasoline stocks and a 2.6-million-barrel increase in distillate inventories, according to a source.
Refinery Crude Gasoline Distillates Use Again Capital -1.6 1.1 1.4 0.2 Citi Futures -1.5 1 -1 0.5 Confluence Investment Management -2.5 -1 0.5 0.5 DTN -1 0.6 0.5 0.2 Excel Futures 2.2 -1.8 -0.8 0.4 Spartan Capital Securities -3.1 -2.2 2.9 n/f Mizuho -2 -1 -0.5 0.5 Price Futures Group 3 -3 -2 1 Tradition Energy -1 -0.5 0.4 n/f AVERAGE -0.8 -0.8 0.2 0.5
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 firstname.lastname@example.org
(END) Dow Jones Newswires
June 28, 2022 16:59 ET (20:59 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.