U.S. Crude-Oil Stockpiles Expected to Decline, Gasoline Inventories Set to Fall
- Wednesday, October 16, 2024
The Department of Energy is scheduled to release the latest U.S. crude-oil stockpiles data on Wednesday, and according to a survey by The Wall Street Journal, analysts and traders are expecting a decrease from the previous week.
The average of estimates from seven forecasters shows that U.S. commercial crude-oil stockpiles are projected to have declined by 2 million barrels for the week ended Aug. 25. Six out of the seven forecasters are predicting a decrease, while one is expecting a week-on-week increase. Expectations range from a decrease of 4 million barrels to an increase of 2 million barrels.
The highly anticipated inventory data from the DOE's Energy Information Administration will be released at 10:30 a.m. ET on Wednesday.
In addition to crude oil, gasoline inventories are also expected to fall by 1.3 million barrels from the previous week, according to analysts. Estimates range from a decrease of 2.6 million barrels to an increase of 1.6 million barrels.
Moreover, stocks of distillates, mainly diesel fuel, are expected to decrease by 500,000 barrels from the previous week. Forecasts range from a decrease of 3 million barrels to an increase of 1.6 million barrels.
Refinery use is likely to have increased by 0.2 percentage points from the previous week, reaching 94.7%. Forecasts range from a decrease of 0.3 percentage points to an increase of 0.5 percentage points. Notably, two analysts did not provide a forecast.
Here are the average forecasts for crude oil, gasoline, distillates, and refinery use:
| Category | Crude | Gasoline | Distillates | Refinery Use | |---------------------------|---------|----------|-------------|--------------| | Confluence Investment Mgmt| -3 | -1.5 | -1 | 0.5 | | DTN | -2.8 | -1.2 | 1.6 | -0.3 | | Excel Futures | -1.4 | 1.6 | 1.2 | -0.3 | | Spartan Capital Secur. | -0.8 | -2.6 | 1.2 | n/f | | Mizuho | 2 | -1 | -1 | 0.5 | | Price Futures Group | -4 | -2 | -3 | 0.5 | | Tradition Energy | -4 | -2.5 | -2.5 | n/f | | AVERAGE | -2.0 | -1.3 | -0.5 | 0.2 |
n/f = no forecast
unch = unchanged
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