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

U.S. crude-oil stockpiles are unanimously expected to decrease from the previous week in data due Wednesday from the Energy Department, according to a survey of analysts and traders by The Wall Street Journal.

Estimates from 11 analysts and traders showed U.S. oil inventories are projected to have fallen by 2.9 million barrels in the week ended June 11, with forecasts ranging from declines of 500,000 barrels to 4.5 million barrels.

The closely watched survey from the DOE's Energy Information Administration is scheduled for release at 10:30 a.m. ET Wednesday.

Gasoline stockpiles are expected to fall by 800,000 barrels from the previous week, according to analysts. Estimates range from a decrease of 3 million barrels to an increase of 4.3 million barrels.

Stocks of distillates, which include heating oil and diesel, are expected to rise by a marginal 100,000 barrels from the previous week. Forecasts range from a decrease of 2 million barrels to an increase of 3.7 million barrels.

Refinery use likely rose by 0.2 percentage point to 91.5% of capacity. Forecasts range from a decrease of 0.5 percentage point to a 1 percentage-point increase. Two analysts didn't make a forecast.

                    Crude  Gasoline  Distillates   Use
Again Capital        -3.9      -1.4           -1       0.3
Citi Futures         -1.5       1.5          1.5       0.5
Commodity Research
 Group               -4.4      -2.1         -0.9      -0.5
 Management          -2.5        -1            1       0.3
DTN                  -2.5         1          1.5      -0.5
Excel Futures        -4.5       4.3          3.7         1
Spartan Capital
 Securities          -2.7      -2.9         -0.9       n/f

Mizuho                 -2        -1           -1      -0.5
Price Futures
 Group                 -4        -3           -2         1
Ritterbusch and
 Associates            -3      -2.0         -1.1       0.4

Tradition Energy     -0.5        -2          0.5       n/f

AVERAGE              -2.9      -0.8          0.1       0.2

Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.

n/f = no forecast

Write to Dan Molinski at dan.molinski@wsj.com

  (END) Dow Jones Newswires
  06-15-21 1126ET
  Copyright (c) 2021 Dow Jones & Company, Inc.

News, commentary and research reports are from third-party sources unaffiliated with Fidelity. Fidelity does not endorse or adopt their content. Fidelity makes no guarantees that information supplied is accurate, complete, or timely, and does not provide any warranties regarding results obtained from their use.