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

By Dan Molinski

 
U.S. crude-oil inventories are expected to have increased slightly from the previous week in data due Wednesday from the Energy Department, according to a survey by The Wall Street Journal.
      
 
The average of estimates from ten analysts and traders showed U.S. commercial oil stockpiles are projected to have risen by 700,000 barrels for the week ended May 19, with three analysts forecasting a decline and seven predicting an increase. Forecasts range from a decrease of 3 million barrels to an increase of 2.9 million barrels.
      
      
The forecasts for an increase are due partly to a DOE report Monday indicating it sold another 1.6 million barrels of crude last week from the nation’s Strategic Petroleum Reserve to the commercial side. That brings those emergency crude supplies down to a nearly 40-year low of 358 million barrels.
      
The closely watched inventory data from the DOE’s Energy Information Administration are scheduled for release at 10:30 a.m. EDT Wednesday.
      
Gasoline inventories are expected to decline by 1.3 million barrels from the previous week, according to analysts. Estimates range from a decrease of 2 million barrels to an increase of 500,000 barrels.
      
      
Stocks of distillates, which is mostly diesel fuel, are expected to rise by 300,000 barrels from the previous week. Forecasts range from a decrease of 1 million barrels to an increase of 1.4 million barrels.
      
Refinery use likely increased by 0.7 percentage point from the previous week to 92.7%, which would be the highest level this year. Forecasts range from increases of 0.4 percentage-point to 1 percentage-point. One analyst didn’t make a forecast.
      
Refinery Crude Gasoline Distillates Use Again Capital 2.9 -1.6 1.4 0.8 Citi Futures 1 -1.5 1 0.5 Commodity Research Group -1.6 0.3 0.1 0.6 Confluence Investment Management 2.5 0.5 0.5 1 DTN 1.2 -1.8 0.5 0.5 Excel Futures 2.7 -1.9 0.7 0.4 Spartan Capital Securities -2.1 -1.7 -0.7 n/f Mizuho 2 -2 -0.5 0.5 Price Futures Group -3 -2 -1 1 Ritterbusch and Associates 1.5 -1.4 0.7 0.6 AVERAGE 0.7 -1.3 0.3 0.7
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 dan.molinski@wsj.com
 
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Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.