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

By Dan Molinski

U.S. 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 11 analysts and traders showed U.S. oil inventories are projected to have declined by 300,000 barrels for the week ended May 6. Five of the analysts forecast a decrease, while six predicted an increase. Forecasts range from a decrease of 3.6 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 10:30 a.m. ET Wednesday.

Gasoline stockpiles are expected to fall by 1.7 million barrels from the previous week, according to analysts. Estimates range from a decrease of 3 million barrels to an increase of 300,000 barrels.

Stocks of distillates, which include heating oil and diesel, are expected to fall by 1 million barrels from the previous week. Forecasts range from a decrease of 3 million barrels to an increase of 3.1 million barrels.

Refinery use likely rose by 0.5 percentage point from the previous week, to 88.9% of capacity. Forecasts range from a decrease of 0.5 percentage point to an increase of 1.2 percentage points. 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 1.6-million-barrel increase in crude supplies, an 823,000-barrel rise in gasoline stocks, and a 662,000-barrel increase in distillate inventories, according to a source.

 
                                                                 Refinery 
                                   Crude  Gasoline  Distillates       Use 
Again Capital                       -1.7      -1.4           -1       0.4 
Citi Futures                        -2.5        -1           -1      -0.5 
Commodity Research Group             2.3      -0.7         -0.6       1.2 
Confluence Investment Management    -1.5        -3         -0.5       0.5 
DTN                                  0.8       0.3         -0.5       0.8 
Excel Futures                        1.3      -2.5         -2.8       0.8 
Spartan Capital Securities          -3.6      -1.7          3.1       n/f 
Mizuho                                 1        -2           -1       0.6 
Price Futures Group                    3        -3           -3         1 
Ritterbusch and Associates           0.4      -1.5         -2.0      -0.4 
Tradition Energy                    -2.3      -1.9         -2.1       n/f 
AVERAGE                             -0.3      -1.7         -1.0       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 [e-mail]

(END) Dow Jones Newswires

05-10-22 1658ET