By Anthony Harrup
U.S. crude-oil inventories and gasoline stocks are expected to have risen last week, while there was likely a small draw on distillates from the week before, according to a survey by The Wall Street Journal.
The closely watched inventory data from the DOE’s Energy Information Administration is scheduled for release at 10:30 a.m. EST Wednesday. The EIA didn’t publish its Weekly Petroleum Status Report last week because of a system update, and will publish two weeks of statistics this week.
Commercial crude stockpiles are seen up 800,000 barrels for the week ended Nov. 10, according to the average estimate of eight analysts and traders. Six expect an increase and two predict a decline. Expectations range from a build of 2.5 million barrels to a draw of 2 million barrels.
Gasoline inventories are expected to rise by 100,000 barrels, according to the survey, with estimates ranging from an increase of 2.2 million barrels to a decrease of 2.3 million barrels.
Stocks of distillates, which are mostly diesel fuel, are expected to decline by 800,000 barrels with forecasts ranging from a decrease of 2 million barrels to an increase of 1.5 million barrels.
Refinery use likely edged up 0.1 percentage point. Forecasts range from an increase of 0.6 percentage point to a decline of 0.7 percentage point. Two analysts didn’t make a refinery forecast.
Crude Gasoline Distillates Refinery Use Again Capital 1.7 1.9 -1.1 0.6 DTN 1.8 2.2 -0.5 0.6 Excel Futures 1.8 0.9 -1.1 -0.7 Spartan Capital Securities -1.8 -2.3 -0.7 n/f Mizuho 1.5 -1.5 1.5 -0.4 Price Futures Group -2.0 -2.0 -2.0 unch Ritterbusch and Associates 1.0 1.0 -1.5 0.5 Tradition Energy 2.5 0.5 -1.0 n/f AVERAGE 0.8 0.1 -0.8 0.1
Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.
n/f = no forecast
unch = unchanged
Write to Anthony Harrup at [email protected]
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