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

(Adds API data)

 

By Dan Molinski

 

U.S. commercial crude-oil stockpiles are expected to have declined 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 fallen by 2.1 million barrels for the week ended Nov. 25, with 10 analysts forecasting a decline and just one predicting an increase. Forecasts range from a decrease of 3.5 million barrels to an increase of 2.3 million barrels.

Analysts said the likely decrease is partly because of another smaller-than-normal transfer of crude last week from the nation's Strategic Petroleum Reserve to the commercial side. The year-long SPR sales by the U.S. government aim to boost supplies so as to reduce gasoline prices at the pump, but is beginning to wind down.

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

Gasoline stockpiles are expected to increase by 500,000 barrels from the previous week, according to analysts. Estimates range from a decrease of 3 million barrels to an increase of 2.6 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 3.1 million barrels to an increase of 2.1 million barrels.

Refinery use likely increased by 0.1 percentage points from the previous week to 94.0%. Forecasts range from a 0.6 percentage-point decrease to a 0.5 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 7.9 million-barrel decrease in crude supplies, a 2.9 million-barrel rise in gasoline stocks and a 4 million-barrel increase in distillate inventories, according to a source.

 
                                                                   Refinery 
                                    Crude   Gasoline   Distillates    Use 
Again Capital                       -3.1       1.8          2.1       0.4 
Citi Futures                        -3.5       2.5          1.5       0.5 
Commodity Research Group            -3.2        -1            1      -0.2 
Confluence Investment Management      -2       2.5          1.5       0.5 
DTN                                 -0.6      -0.8          0.5      -0.3 
Excel Futures                       -3.1       2.6          1.5      -0.6 
Spartan Capital Securities           2.3      -1.3         -3.1       n/f 
Mizuho                              -2.5         2            1       0.5 
Price Futures Group                 -2.5        -2         -2.5      unch 
Ritterbusch and Associates          -1.6       2.0          1.8       0.4 
Tradition Energy                      -3        -3         -2.9       n/f 
 
AVERAGE                             -2.1       0.5          0.2       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

 

(END) Dow Jones Newswires

November 29, 2022 17:08 ET (22:08 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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