Make earnings with no risk
Automated AI-driven system makes the trades, you earn the money
Join now
News

U.S. Crude Oil Inventories Expected to Rise

0

The Wall Street Journal conducted a survey on U.S. crude-oil inventories and gasoline stocks, revealing that they are anticipated to have increased last week. Distillates, on the other hand, were likely to have experienced a small drawdown from the previous week. The Department of Energy’s Energy Information Administration (EIA) is set to release the closely watched inventory data on Wednesday at 10:30 a.m. EST. It’s worth noting that the EIA did not publish its Weekly Petroleum Status Report last week due to a system update, and will be publishing two weeks’ worth of statistics in this week’s report.

Crude Stockpiles

According to the survey, analysts and traders estimate that commercial crude stockpiles will have risen by 800,000 barrels for the week ending November 10. Out of the eight participants in the survey, six anticipate an increase while two predict a decline. The range of expectations varies from a build of 2.5 million barrels to a drawdown of 2 million barrels.

Gasoline Inventories

Based on the survey, gasoline inventories are expected to have increased by 100,000 barrels. Estimates range from an increase of 2.2 million barrels to a decrease of 2.3 million barrels.

Distillates

The survey also shows that stocks of distillates, which mainly consist of diesel fuel, are anticipated to have declined by 800,000 barrels. Forecasts for distillates range from a decrease of 2 million barrels to an increase of 1.5 million barrels.

Refinery Use

Refinery use is expected to have increased by 0.1 percentage point, with forecasts ranging from a 0.6 percentage point increase to a 0.7 percentage point decline. It’s worth noting that two analysts did not provide a forecast for refinery use.

| | Crude | Gasoline | Distillates | Refinery Use | |————–|——-|———-|————-|————–| | Again Capital| 1.7 | 1.9 | -1.1 | 0.6 | | DTN | 1.8 | 2.2 | -0.5 | 0.6 | | Excel Futures| 1.8 | 0.9 | -1.1 | -0.7 | | Spartan Capital Securities| -1.8 | -2.3 | -0.7 | n/f | | Mizuho | 1.5 | -1.5 | 1.5 | -0.4 | | Price Futures Group |-2.0 |-2.0 |-2.0 | unch | | Ritterbusch and Associates| 1.0| 1.0 |-1.5 | 0.5 | | Tradition Energy | 2.5 | 0.5 |-1.0 | n/f | | AVERAGE | 0.8 | 0.1 |-0.8 | 0.1 |

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

In conclusion, U.S. crude-oil inventories and gasoline stocks are expected to have risen last week, while distillates are anticipated to have experienced a small drawdown. These findings are eagerly awaited and will be released by the EIA on Wednesday morning.

fxcoach

Canadian Factory Sales Rise in September

Previous article

Cisco Systems Inc.: A Barometer for IT Spending

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in News