U.S. Crude-Oil Stockpiles Projected to Decline

A survey conducted by The Wall Street Journal indicates that U.S. crude-oil stockpiles are expected to decrease from the previous week, according to data set to be released by the Department of Energy on Thursday, following a delay due to the Labor Day holiday. The survey, which includes estimates from nine analysts and traders, forecasts a decline of 2.1 million barrels for the week ending September 1st. While eight of the forecasters expect a decrease in stockpiles, one forecaster predicts a slight increase. The range of expectations varies from a decrease of 7 million barrels to an increase of 2 million barrels.

Gasoline Inventories Also Anticipated to Fall

Analysts also predict a decline in gasoline inventories, with estimates indicating a decrease of 1.2 million barrels. Forecasts for gasoline inventories range from a decrease of 2.8 million barrels to an increase of 800,000 barrels.

Distillate Stocks Expected to Decrease

In addition to crude-oil and gasoline inventories, stocks of distillates, predominantly diesel fuel, are projected to decrease by 200,000 barrels from the previous week. Forecasts for distillate stocks range from a decline of 2 million barrels to an increase of 1.6 million barrels.

Refinery Use Expected to Increase

The latest data suggests that refinery use in the United States is likely to climb by 0.1 percentage point from the previous week, reaching 93.4%. While there is a range of forecasts, with some predicting a decrease of 0.5 percentage point and others an increase of 0.5 percentage point, two analysts did not provide a forecast.

According to the American Petroleum Institute (API), a key industry group, their data for the week indicates a decline in crude supplies by 5.5 million barrels, a decrease of 5.1 million barrels in gasoline stocks, and an increase of 310,000 barrels in diesel inventories.

Here are the forecasts provided by various analysts: