By Dan Molinski
U.S. commercial crude-oil stockpiles are expected to have risen slightly from the previous week in data due Thursday 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 increased by 400,000 barrels for the week ended Dec. 30, with four analysts forecasting a decline and seven predicting an increase. Forecasts range from a decrease of 4 million barrels to an increase of 4 million barrels.
Analysts noted the likely increase would be partly because of another 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 to reduce gasoline prices at the pump, but the sales are winding down and the government may soon start repurchasing crude to refill the SPR.
The closely watched survey from the DOE's Energy Information Administration is scheduled for release at 11 a.m. EST Thursday, a day later than normal due to the Christmas holiday.
Gasoline stockpiles are expected to increase by 200,000 barrels from the previous week, according to analysts. Estimates range from a decline of 2.1 million barrels to an increase of 5 million barrels.
Stocks of distillates, which is mostly diesel fuel, are expected to fall by 600,000 barrels from the previous week. Forecasts range from a decrease of 3.6 million barrels to an increase of 3.9 million barrels.
Refinery use likely decreased by 2.7 percentage points from the previous week to 89.3% as extremely cold weather caused some disruptions. Forecasts range from a 7.5 percentage-point decrease to a 0.8 percentage-point increase. Two analysts didn't make a forecast.
Refinery
Crude Gasoline Distillates Use
Again Capital 3.4 -1.9 0.8 0.8
Citi Futures 1.5 1.5 -1.5 -4.5
Commodity Research Group 4 -0.5 -2 -6
Confluence Investment Management -4 5 3.5 -1.5
DTN 2.8 -2 -3.2 -7.5
Excel Futures 2.4 -2.1 -1.2 -0.6
Spartan Capital Securities 0.1 2.1 -3.6 n/f
Mizuho -1 -1 -1 -4
Price Futures Group -2 -2 -2 -2
Ritterbusch and Associates -4 3.0 3.9 0.6
Tradition Energy 1.2 0.2 -0.8 n/f
AVERAGE 0.4 0.2 -0.6 -2.7
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
01-04-23 1259ET
