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

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By Dan Molinski

U.S. 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 10 analysts and traders showed U.S. oil inventories are projected to have increased by 300,000 barrels for the week ended Sept. 2. Four of the analysts surveyed are expecting a decline, while six forecast an increase. Forecasts range from a decrease of 2.7 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 11 a.m. EDT Thursday, a day later than normal due to Monday's Labor Day holiday.

Gasoline stockpiles are expected to decrease by 1.4 million barrels from the previous week, according to analysts. Estimates range from a decrease of 2 million barrels to an increase of 1.2 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 1.4 million barrels.

Refinery use likely slipped by 0.3 percentage point to 92.4%. Forecasts range from a 1 percentage-point decrease to a 1 percentage-point increase. Two analysts didn't make a forecast.

The American Petroleum Institute, an industry group, said late Wednesday its data for the week showed a 3.6 million-barrel increase in crude supplies, an 836,000-barrel fall in gasoline stocks and a 1.8 million-barrel increase in distillate inventories, according to a source.

                                                                   Refinery 
                                    Crude   Gasoline    Distillates   Use 
Again Capital                       -2.3      -1.8          1.1       0.6 
Citi Futures                        -1.5      -1.5           -1      -0.5 
Commodity Research Group            -2.7      -1.8          1.3      -0.7 
Confluence Investment Management    -2.5        -2          0.5        -1 
DTN                                  2.2      -1.4          0.8      -0.6 
Spartan Capital Securities           2.7       1.2         -0.4       n/f 
Mizuho                                 2        -2         -0.5      -0.4 
Price Futures Group                    3        -2           -2         1 
Ritterbusch and Associates           1.8      -1.5          1.4      -1.0 
Tradition Energy                     0.2      -1.2          0.3       n/f 
 
AVERAGE                              0.3      -1.4          0.2      -0.3 
 

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 [e-mail]

(END) Dow Jones Newswires

09-07-22 1708ET