News

U.S. Crude-Oil Inventories Expected to Rise

1 Mins read

According to a survey by The Wall Street Journal, the Energy Department is expected to report a small increase in U.S. crude-oil inventories for the week ended Oct. 6. Nine analysts and traders predict that commercial crude-oil stockpiles will have risen by 900,000 barrels. While three forecasters anticipate a decrease, six are expecting an increase. Estimates range from a decrease of 1.7 million barrels to an increase of 3 million barrels.

The Department of Energy’s Energy Information Administration will release the closely watched inventory data at 11 a.m. ET Thursday, one day later than usual due to the Columbus Day holiday on Monday.

In addition, analysts forecast a rise in gasoline inventories of 400,000 barrels from the previous week. Estimates vary from a decrease of 2 million barrels to an increase of 3.1 million barrels.

Regarding distillates, which primarily include diesel fuel, forecasts suggest a decrease of 300,000 barrels from the previous week. The range of predictions spans from a decrease of 2 million barrels to an increase of 3 million barrels.

Refinery Use Data

According to recent data from the American Petroleum Institute (API), refinery use is expected to have declined by 0.3 percentage point from the previous week, settling at 87.0%. Forecasts for this decrease ranged from 0.8 percentage point to a potential increase of 1 percentage point. Notably, two analysts did not make any forecasts.

API’s data for the week also revealed some significant changes in crude supplies, gasoline stocks, and diesel inventories. Crude supplies saw a substantial increase of 12.9 million barrels, while gasoline stocks rose by 3.6 million barrels. On the other hand, there was a decrease of 3.5 million barrels in diesel inventories.

Forecasts

Here are the refinery use forecasts made by various analysts:

| Analyst | Crude | Gasoline | Distillates | Refinery Use | |—————————|——-|———-|————-|————–| | Again Capital | -1.4 | 2.3 | 1.6 | -0.6 | | Confluence Investment Mgmt| 1 | -2 | -1 | -0.5 | | DTN | 1.6 | -1.8 | -1 | -0.4 | | Excel Futures | -1.7 | 3.1 | 0.8 | -0.5 | | Spartan Capital Securities| -1.1 | 1.8 | -0.8 | n/f | | Mizuho | 3 | -1 | -2 | -0.5 | | Price Futures Group | 3 | 3 | 3 | 1 | | Ritterbusch and Associates| 3 | -1 | -1.7 | -0.8 | | Tradition Energy | 0.5 | -1 | -2 | n/f |

Average Forecast Results:

  • Crude: 0.9 million barrels
  • Gasoline: 0.4 million barrels
  • Distillates: -0.3 million barrels
  • Refinery Use: -0.3 percentage points

Note: All measurements are reported in millions of barrels, except for refinery use, which is given in percentage points.

Related posts
News

Which Crypto Is Best To Buy And Tipped As The Safest Investment In 2025: Shiba Inu Or Remittix?

2 Mins read
The crypto market appears to be confident for the latter stages of 2025, having already faced volatility over the past year. Investors…
News

7 Token Presales to Watch in 2025: Blazpay ($BLAZ) Takes the Lead

4 Mins read
The world of token presales has always attracted attention, but 2025 is shaping up to be a pivotal year. With a crowded…
News

Naira rallies to N1,455/$; reserves hit $43bn

5 Mins read
The positive rally of the local currency against the dollar continued yesterday with the naira exchanging at N1,455 to one dollar even…

Leave a Reply

Your email address will not be published. Required fields are marked *

25 − = 21