U.S. Crude-Oil Stockpiles Projected to Decrease

According to a survey conducted by The Wall Street Journal, U.S. crude-oil stockpiles are expected to decrease from the previous week, as reported by the Energy Department's data. The survey, which involved nine analysts and traders, projected an average decrease of 1.7 million barrels for the week ending on August 11. Eight of the forecasters predicted a decrease, while one predicted an increase. The expectations ranged from a decrease of 3.7 million barrels to an increase of 2.5 million barrels.

The highly anticipated inventory data from the DOE's Energy Information Administration is scheduled for release on Wednesday at 10:30 a.m. EDT.

Gasoline Inventories Expected to Decline

Analysts are anticipating a decline of 1.2 million barrels in gasoline inventories compared to the previous week. The estimates show a range from a decrease of 3 million barrels to an increase of 100,000 barrels.

Distillate Stocks Likely to Decrease

Stocks of distillates, mainly diesel fuel, are expected to decrease by 100,000 barrels compared to the previous week. Forecasts show a range from a decrease of 3 million barrels to an increase of 2.9 million barrels.

Refinery Use Likely to Increase

According to industry forecasts, refinery use is expected to have climbed by 0.3 percentage points from the previous week to reach 94.1%. The range of forecasts for refinery use varies from a decrease of 0.6 percentage points to an increase of 1 percentage point. Two analysts did not provide a forecast.

API Data

The American Petroleum Institute (API) reported on Tuesday that its data for the week showed a decrease of 6.2 million barrels in crude supplies. Additionally, gasoline stocks rose by 700,000 barrels, while diesel inventories decreased by 800,000 barrels, according to a source.

Analyst Forecasts

Here are the forecasts for various categories by different analysts:

| Analyst | Crude | Gasoline | Distillates | Refinery Use | |--------------------------------|---------|----------|-------------|--------------| | Again Capital | -1.8 | -1.1 | -0.9 | -0.6 | | Commodity Research Group | -3.7 | -0.5 | unch | 0.5 | | Confluence Investment Management | -2.5 | -2 | 0.5 | 0.5 | | DTN |-1.6 | -1.2 | 1.4 | 0.5 | | Spartan Capital Securities | -2.7 | -1.4 | 2.9 | n/f | | Mizuho |-1 | -1 | -0.5 | -0.3 | | Price Futures Group |-3 | -3 | -3 | 1 | | Ritterbusch and Associates |-1.5 | -0.5 | -1.3 | 0.4 | | Tradition Energy | 2.5 | 0.1 | 0.4 | n/f | | AVERAGE |-1.7 | -1.2 | -0.1 | 0.3 |

n/f = no forecast, unch = unchanged

Note: Numbers are in millions of barrels, except for refinery use, which is in percentage points.

This information was written by Dan Molinski.