U.S. Crude-Oil Stockpiles Likely Unchanged in DOE Data, Analysts Say — Update

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By Dan Molinski

US commercial crude oil inventories are expected to be unchanged 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 11 analysts and traders showed that US oil inventories are forecast to be flat for the week ended January 27, with five analysts forecasting a decline and six predict an increase. Forecasts range from a decrease of 4 million barrels to an increase of 3.5 million barrels.

The closely watched survey by the DOE’s Energy Information Administration is scheduled for release at 10:30 am EST on Wednesday.

Petrol stocks are expected to increase by 900,000 barrels from the previous week, according to analysts. Estimates range from a drop of 3 million barrels to an increase of 2.5 million barrels.

Stockpiles of distillates, which are mostly diesel fuel, are expected to fall by one million barrels from the previous week. Forecasts range from a drop of 3 million barrels to an increase of 1.2 million barrels.

Refinery utilization was likely up 0.5 percentage points from the previous week to 86.6%. Forecasts range from a decrease of 0.5 percentage point to an increase of 1.4 percentage point. Two analysts did not make a forecast.

The American Petroleum Institute, an industry group, said Tuesday that its data for the week showed a 6.3 million barrel increase in crude supplies, a 2.7 million barrel increase in gasoline stocks and an increase of 1.5 million barrels in diesel inventories, according to a. source.

                                    Crude   Gasoline    Distillates    Use 
Again Capital                       -1.4       2.3         -1.8        1.4 
Citi Futures                         3.5         1         -2.5       unch 
Commodity Research Group             2.7       2.5         -0.6       -0.5 
Confluence Investment Management      -2         1         -1.5          1 
DTN                                  0.5       1.2         -0.8       -0.3 
Excel Futures                        0.8         2          1.2        0.6 
Spartan Capital Securities           1.1      -1.6         -0.1        n/f 
Mizuho                                -1         2           -1          1 
Price Futures Group                   -4        -3           -3          1 
Ritterbusch and Associates          -1.5       1.0         -1.4        0.5 
Tradition Energy                     1.5       1.5          0.6        n/f 
AVERAGE                              0.0       0.9         -1.0        0.5 

n/f = no prediction

unch = unchanged

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

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

(END) Dow Jones Newswires

01-31-23 1710ET

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