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

By Dan Molinski

U.S. commercial crude-oil stockpiles are expected to have decreased 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 10 analysts and traders showed U.S. oil inventories are projected to have declined by 800,000 barrels for the week ended Nov. 18, with six analysts forecasting a decline and four predicting an increase. Forecasts range from a decrease of 3.5 million barrels to an increase of 2 million barrels.

Analysts said the likely decrease is partly because of a smaller-than-normal transfer of crude last week from the nation's Strategic Petroleum Reserve to the commercial side. The year-long SPR sales strategy by the U.S. government, which aims to boost supplies so as to reduce gasoline prices at the pump, is beginning to wind down.

The closely watched survey from the DOE's Energy Information Administration is scheduled for release at 10:30 a.m. EST Wednesday.

Gasoline stockpiles are expected to increase by 200,000 barrels from the previous week, according to analysts. Estimates range from a decrease of 2.9 million barrels to an increase of 2.5 million barrels.

Stocks of distillates, which include heating oil and diesel, are expected to fall by 700,000 barrels from the previous week. Forecasts range from a decrease of 3.6 million barrels to an increase of 1.8 million barrels.

Refinery use likely increased by 0.3 percentage points from the previous week to 93.2%. Forecasts range from a 0.3 percentage-point decrease to a 0.6 percentage-point increase. One analyst didn't make a forecast.

 
Again Capital                      -2.8   1.1   0.9   0.4 
Citi Futures                       -3.5     1    -1   0.5 
Commodity Research Group           -1.2   1.2   0.8   0.3 
Confluence Investment Management      2  -1.5  -2.5  unch 
DTN                                 1.6  -0.5  -0.5  -0.3 
Excel Futures                      -2.4   2.5   1.8   0.3 
Spartan Capital Securities          1.5  -2.9  -3.6   n/f 
Mizuho                               -2     2   0.5   0.2 
Price Futures Group                  -3    -2    -2   0.5 
Ritterbusch and Associates          1.5   1.0  -1.5   0.6 
 
AVERAGE                            -0.8   0.2  -0.7   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

11-22-22 1215ET