U.S. Crude-Oil Stockpiles Expected to Rise

According to a survey conducted by The Wall Street Journal, U.S. crude-oil stockpiles are predicted to have increased from the previous week. The data, which is due Wednesday from the Department of Energy, is based on estimates from 10 analysts and traders. On average, they project a rise of 1.3 million barrels for the week ended Aug. 4. While four forecasters anticipate a decrease, six expect a week-on-week increase. The range of expectations varies from a decrease of 1.5 million barrels to an increase of 5.2 million barrels.

Despite preliminary data indicating that the government transferred one million barrels of crude oil from the commercial side to the Strategic Petroleum Reserve last week, expectations for a rise in stockpiles remain. This transfer is part of Washington's effort to replenish emergency stockpiles that had been depleted over the past couple of years.

The highly anticipated inventory data from the DOE's Energy Information Administration is scheduled for release at 10:30 a.m. ET on Wednesday.

Analysts also predict a decrease of 300,000 barrels in gasoline inventories compared to the previous week. The estimated range spans from a decrease of 2 million barrels to an increase of 1.7 million barrels.

Distillate Stocks Expected to Increase

Stocks of distillates, primarily diesel fuel, are projected to rise by approximately 200,000 barrels compared to the previous week. Analyst forecasts vary, ranging from a decrease of 1 million barrels to an increase of 1.6 million barrels.

Refinery Use Set to Climb

Refinery utilization is anticipated to increase by 0.3 percentage points from the previous week to reach 93.0%. Forecasts range from a decrease of 0.7 percentage points to an increase of 1 percentage point. Two analysts did not provide a forecast.

API Data Highlights Crude and Product Inventories

According to the American Petroleum Institute (API), their data for the week reveals a significant increase of 4.1 million barrels in crude supplies. This was accompanied by a decline of 413,000 barrels in gasoline stocks and a decrease of 2.1 million barrels in diesel inventories, as reported by a reliable source.

Analyst Forecasts

• Again Capital: Crude - 1.6 / Gasoline - 1.3 / Distillates - 0.9 / Refinery Use - (-0.7)
• Commodity Research Group: Crude - (-1.5) / Gasoline - 0.6 / Distillates - 0.3 / Refinery Use - 0.4
• Confluence Investment Management: Crude - 4 / Gasoline - (-2) / Distillates - 1 / Refinery Use - 1
• DTN: Crude - 1.2 / Gasoline - (-0.8) / Distillates - (-0.5) / Refinery Use - 0.4
• Excel Futures: Crude - 5.2 / Gasoline - 1.7 / Distillates - 0.5 / Refinery Use - (-0.5)
• Spartan Capital Securities: Crude - 1.7 / Gasoline - (-1.3) / Distillates - 1.6 / Refinery Use - n/f
• Mizuho: Crude - 3 / Gasoline - (-1) / Distillates - (-0.5) / Refinery Use - (-0.3)
• Price Futures Group: Crude - (-1) / Gasoline - (-1) / Distillates - (-1) / Refinery Use - 1
• Ritterbusch and Associates: Crude - (-0.9) / Gasoline - 0.8 / Distillates - (-0.3) / Refinery Use - 0.7
• Tradition Energy: Crude - (-0.2) / Gasoline - (-1.3) / Distillates - (-0.3) / Refinery Use - n/f
• AVERAGE: Crude - 1.3 / Gasoline - (-0.3) / Distillates - 0.2 / Refinery Use - 0.3

Note: All figures are in millions of barrels, except for refinery use, which is expressed in percentage points.