U.S. Oil Inventories Likely Declined in DOE Data, Analysts Say -- Update
26 July 2023 - 7:26AM
Dow Jones News
By Dan Molinski
U.S. crude-oil stockpiles are expected to have fallen from the
previous week in data due Wednesday from the U.S. Department of
Energy, according to a survey by The Wall Street Journal.
The average of estimates from 10 analysts and traders showed
U.S. commercial crude-oil stockpiles are projected to have
decreased by 2.2 million barrels for the week ended July 21.
Forecasters were nearly unanimous, with nine predicting a decrease
and just one forecasting a week-on-week increase. Expectations
range from a decrease of 5.5 million barrels to an increase of 1.6
million barrels.
The closely watched inventory data from the DOE's Energy
Information Administration are scheduled for release at 10:30 a.m.
ET Wednesday.
Gasoline inventories are expected to fall by 1.7 million barrels
from the previous week, according to analysts. Estimates range from
decreases of 1 million barrels to 3 million barrels.
Stocks of distillates, which are mostly diesel fuel, are
expected to decline by 600,000 barrels from the previous week.
Forecasts range from a decrease of 4.5 million barrels to an
increase of 1.7 million barrels.
Refinery use likely rose by 0.1 percentage point from the
previous week to 94.4%. Forecasts range from a decrease of 0.9
percentage point to an increase of 1 percentage point. Two analysts
didn't make a forecast.
The American Petroleum Institute, an industry group, said late
Tuesday that its own data for the week showed a 1.3-million-barrel
increase in crude supplies, a 1-million-barrel decline in gasoline
stocks and a 1.6-million-barrel increase in diesel inventories,
according to a source.
Crude Gasoline Distillates Refinery Use
Again Capital -2.9 -1.8 -2.1 -0.4
Commodity Research Group -2 -1 -0.2 -0.9
Confluence Investment Management -2.5 -1 0.5 unch
DTN -1.2 -2.2 0.8 0.3
Excel Futures -1.4 -1.7 -0.6 0.4
Spartan Capital Securities 1.6 -1.1 0.8 n/f
Mizuho -1 -1 0.5 0.3
Price Futures Group -3 -3 -3 1
Ritterbusch and Associates -3.7 -1.5 1.7 -0.2
Tradition Energy -5.5 -2.5 -4.5 n/f
AVERAGE -2.2 -1.7 -0.6 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
July 25, 2023 17:11 ET (21:11 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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