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By Dan Molinski
U.S. commercial crude-oil stockpiles are expected to have decreased 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 3.1 million barrels for the week ended Dec. 9, with 10 analysts forecasting a decline and one predicting an increase. Forecasts range from a decrease of 4.5 million barrels to an increase of 1.8 million barrels.
Analysts noted the likely decrease would come despite a large transfer of crude last week from the nation's Strategic Petroleum Reserve to the commercial side. The year-long SPR sales by the U.S. government aim to boost supplies so as to reduce gasoline prices at the pump, but they may be winding down soon.
The closely watched survey from the DOE's Energy Information Administration is scheduled for release at 10:30 a.m. EST Wednesday.
Gasoline stockpiles are expected to increase by 2.6 million barrels from the previous week, according to analysts. Estimates range from increases of 900,000 barrels to 5 million barrels.
Stocks of distillates, which include heating oil and diesel, are expected to rise by 2 million barrels from the previous week. Forecasts range from a decrease of 3.6 million barrels to an increase of 5.1 million barrels.
Refinery use likely decreased by 0.1 percentage points from the previous week to 95.4%. Forecasts range from a 0.5 percentage-point decrease to a 0.5 percentage-point increase. Two analysts didn't make a forecast.
The American Petroleum Institute, an industry group, said late Tuesday its data for the week showed a 7.8 million-barrel increase in crude supplies, an 877,000-barrel rise in gasoline stocks and a 3.9 million-barrel increase in distillate inventories, according to a source.
Refinery
Crude Gasoline Distillates Use
Again Capital -2.6 1.7 3.4 0.4
Citi Futures -3.5 3.5 2.5 0.2
Commodity Research Group -4.5 2.8 3.2 -0.4
Confluence Investment Management -3 2.5 2 0.5
DTN -3.8 2 2 -0.3
Excel Futures -4.3 5 5.1 -0.5
Spartan Capital Securities 1.8 0.9 -3.6 n/f
Mizuho -2 2 1 unch
Price Futures Group -4 2 2 unch
Ritterbusch and Associates -4 2.0 0.3 -0.4
Tradition Energy -4.1 4 4.2 n/f
AVERAGE -3.1 2.6 2.0 -0.1
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
(END) Dow Jones Newswires
12-13-22 1713ET
