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


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.

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 dan.molinski@wsj.com



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