(Adds API data, SPR details)
By Dan Molinski
U.S. commercial crude-oil stockpiles are expected to have decreased slightly 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 200,000 barrels for the week ended Oct. 28, with five analysts forecasting a decline and the other four predicting an increase. Forecasts range from a decrease of 4 million barrels to an increase of 2.6 million barrels.
Analysts said the expected decrease is partly due to a smaller-than-normal transfer of crude last week from the nation's Strategic Petroleum Reserve to the commercial side. The year-long SPR sales strategy by the U.S. government, which aims to boost supplies so as to reduce gasoline prices at the pump, 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. EDT Wednesday.
Gasoline stockpiles are expected to decrease by 900,000 barrels from the previous week, according to analysts. Estimates range from a decrease of 2.5 million barrels to an increase of 1.9 million barrels.
Stocks of distillates, which include heating oil and diesel, are expected to fall by 800,000 barrels from the previous week. Forecasts range from a decrease of 2 million barrels to an increase of 900,000 barrels.
Refinery use likely increased by 0.5 percentage points from the previous week to 89.4%. Forecasts range from no change to a 1.1-percentage-point increase. Two analysts didn't make a forecast.
The American Petroleum Institute, an industry group, said Tuesday its data for the week showed a 6.5 million-barrel decrease in crude supplies, a 2.6 million-barrel fall in gasoline stocks and an 865,000-barrel increase in distillate inventories, according to a source.
Refinery
Crude Gasoline Distillates Use
Again Capital 2.6 1.8 0.9 1.1
Citi Futures -1.5 -2.5 -1.5 0.5
Confluence Investment Management 1.5 -1 -0.5 0.5
DTN -0.5 -0.8 -1.2 0.6
Spartan Capital Securities -0.6 1.9 -1.1 n/f
Mizuho -2 -1 -1 0.2
Price Futures Group -4 -2 -2 unch
Ritterbusch and Associates 2 -1.8 -0.5 0.6
Tradition Energy 0.3 -2.5 -0.6 n/f
AVERAGE -0.2 -0.9 -0.8 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
(END) Dow Jones Newswires
11-01-22 1720ET
