Introduction
Reduction in Crude-Oil Stockpiles
The anticipated decrease in crude-oil stockpiles comes as the Department of Energy (DOE) concludes its months-long process of selling crude oil from the Strategic Petroleum Reserve to the commercial sector. Based on preliminary data, last week’s sale comprised a relatively small quantity of 400,000 barrels. If confirmed, this would bring emergency crude supplies to their lowest level in almost 40 years, standing at 346.8 million barrels.
Release of Inventory Data
The Energy Information Administration, part of the DOE, is set to release its closely watched inventory data on Wednesday at 10:30 a.m. EDT. In addition to the slight decline expected in crude-oil stockpiles, gasoline inventories are also projected to decrease by 1.1 million barrels compared to the previous week. Estimates for gasoline inventories range from a decline of 3 million barrels to an increase of 1.5 million barrels.
It is important to note that these projections are subject to change and may impact the energy markets upon release. Stay updated with the latest data for accurate insights into the state of U.S. crude-oil stockpiles.
Stocks of Distillates
Stocks of distillates, mainly diesel fuel, are expected to decrease by approximately 100,000 barrels compared to the previous week. Analysts’ forecasts vary, with a projected decrease of 2 million barrels to a potential increase of 2.5 million barrels.
Refinery Use
Refinery use is likely to show a slight increase of 0.2 percentage points from the previous week, reaching 91.3%. Projections range from a decrease of 0.6 percentage points to an increase of 1 percentage point. Two analysts did not provide a forecast.
Industry Group’s Data
According to insider information from the American Petroleum Institute, a well-known industry group, their data for the week indicates a 3 million-barrel surge in crude supplies, a 1 million-barrel growth in gasoline stocks, and a substantial 2.9 million-barrel increase in diesel inventories.
Forecasts
Here are the forecasts provided by various analysts:
| Analyst | Crude | Gasoline | Distillates | Refinery Use | |——————————|——-|———-|————-|————–| | Again Capital | 2.1 | -1.7 | -1.1 | -0.6 | | Commodity Research Group | 1.9 | -0.2 | 0.3 | 1 | | Confluence Investment Mgmt | -2.5 | 0.5 | 1.5 | 1 | | DTN | 1.2 | -0.8 | 0.5 | -0.3 | | Excel Futures | -3.1 | -2.7 | -1.8 | 0.6 | | Spartan Capital Securities | 1.5 | -1.3 | 0.8 | n/f | | Mizuho | -2 | -1 | -0.5 | -0.6 | | Price Futures Group | 3 | -3 | -2 | unch | | Ritterbusch and Associates | -1.3 | 1.5 | 2.5 | 0.3 | | Tradition Energy | -2.2 | -2 | -1 | n/f | | AVERAGE | -0.1 | -1.1 | -0.1 | 0.2 |
(Note: Numbers are in millions of barrels, except for refinery use, which is in percentage points.)
- n/f = no forecast
- unch = unchanged
Retain the result in markdown format.