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

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By Dan Molinski

U.S. crude-oil stockpiles are unanimously expected to decrease from the previous week in data due Wednesday from the U.S. 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 fallen by 2.1 million barrels for the week ended Jan. 7. Each of the 11 the analysts forecast a decline, with predictions ranging from decreases of 800,000 barrels to 3 million barrels.

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 rise by 2.3 million barrels from the previous week, according to analysts. Estimates range from a decrease of 2 million barrels to an increase of 5 million barrels.

Stocks of distillates, which include heating oil and diesel, are expected to increase by 1.2 million barrels from the previous week. Forecasts range from a decrease of 2.6 million barrels to an increase of 4.5 million barrels.

Refinery use likely fell by 0.1 percentage point from the previous week, to 89.7% of capacity. Forecasts range from a decrease of 0.8 percentage point to an increase of 0.6 percentage point. Two analysts didn't make a forecast.

The American Petroleum Institute, an industry group, said late Tuesday its data for the week showed a 1.1 million-barrel decrease in crude supplies, a 10.9 million-barrel increase in gasoline stocks and a 3 million-barrel rise in distillate inventories, according to a source.

 
                                                                    Refinery 
                                    Crude    Gasoline   Distillates   Use 
Again Capital                       -2.6       1.6          0.9       0.6 
Citi Futures                        -1.5       3.5          3.5      -0.5 
Commodity Research Group            -0.8       3.2         unch      -0.8 
Confluence Investment Management    -2.5       4.5          3.5      -0.5 
DTN                                 -1.8      -0.8         -1.2      -0.4 
Excel Futures                       -2.3       3.1          3.8       0.4 
Spartan Capital Securities            -1       1.1         -2.6       n/f 
Mizuho                                -2         2            1       0.3 
Price Futures Group                   -3        -2         -2.5       0.5 
Ritterbusch and Associates            -3       4.2          4.5      -0.3 
Tradition Energy                    -2.5         5          2.5       n/f 
 
AVERAGE                             -2.1       2.3          1.2      -0.1 
 

n/f = no forecast

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

01-11-22 1703ET