According to a survey conducted by The Wall Street Journal, U.S. crude-oil stockpiles are anticipated to have declined in the week ending September 8, based on estimates from nine analysts and traders. The average projection suggests a decrease of 1.9 million barrels, with eight forecasters expecting a decrease and one predicting an increase. The estimates range from a decrease of 4.4 million barrels to an increase of 1.3 million barrels.
The Energy Department’s Energy Information Administration is scheduled to release the closely watched inventory data at 10:30 a.m. EDT on Wednesday.
Analysts also predict that gasoline inventories will fall by 300,000 barrels from the previous week, with estimates ranging from a decrease of 3 million barrels to an increase of 1.6 million barrels.
Meanwhile, stocks of distillates, mainly diesel fuel, are expected to increase by 400,000 barrels compared to the previous week. Forecasts regarding distillates range from a decrease of 3 million barrels to an increase of 2.6 million barrels.
Refinery Use Data for the Week
According to recent reports, refinery use is expected to show a slight decline of 0.2 percentage points from the previous week, reaching 92.9%. Analysts’ forecasts range from a decrease of 1 percentage point to an increase of 0.8 percentage points, with two analysts abstaining from making a forecast.
Crude Supply and Inventory Changes
The American Petroleum Institute (API), an industry group, has shared its data for the week. The API data indicates a 1.2 million-barrel increase in crude supplies, a 4.2 million-barrel rise in gasoline stocks, and a 2.6 million-barrel increase in diesel inventories.
Analyst Forecasts
Here are the forecasts provided by various analysts regarding the changes in different aspects:
- Again Capital: Crude: -1.6 million barrels, Gasoline: 1.4 million barrels, Distillates: 2.6 million barrels, Refinery Use: 0.8 percentage points
- Commodity Research Group: Crude: -4.4 million barrels, Gasoline: -0.7 million barrels, Distillates: 1.3 million barrels, Refinery Use: -0.6 percentage points
- Confluence Investment Management: Crude: -2.5 million barrels, Gasoline: -1 million barrels, Distillates: 1.5 million barrels, Refinery Use: -1 percentage point
- DTN: Crude: -1.5 million barrels, Gasoline: 1.6 million barrels, Distillates: -0.5 million barrels, Refinery Use: -0.5 percentage points
- Excel Futures: Crude: -2.5 million barrels, Gasoline: 1.1 million barrels, Distillates: 1.8 million barrels, Refinery Use: -0.8 percentage points
- Spartan Capital Securities: Crude: 1.3 million barrels, Gasoline: -1.5 million barrels, Distillates: 1.1 million barrels, Refinery Use: No forecast available
- Price Futures Group: Crude: -3 million barrels, Gasoline: -3 million barrels, Distillates: -3 million barrels, Refinery Use: 0.5 percentage points
- Ritterbusch and Associates: Crude: -1.5 million barrels, Gasoline: 0.4 million barrels, Distillates: 1.5 million barrels, Refinery Use: 0.3 percentage points
- Tradition Energy: Crude: -1.5 million barrels, Gasoline: -1 million barrels, Distillates: -3 million barrels, Refinery Use: No forecast available
The average forecast for the changes is as follows: Crude: -1.9 million barrels, Gasoline: -0.3 million barrels, Distillates: 0.4 million barrels, Refinery Use: -0.2 percentage points.
