Update: Analysts Predict Likely Decline in U.S. Crude-Oil Stockpiles According to DOE Data on WTI

On the 18th of April 2023, at 5:15 in the afternoon.

In an upcoming report by the Energy Department, it is anticipated that reserves of commercial crude oil in the United States will have gone down slightly compared to the previous week. This is based on a survey conducted by The Wall Street Journal.

Ten experts in the oil industry were asked their opinions on how much oil would be stored in the United States by the end of the week on April 14th. Out of those ten, five experts thought that the amount of oil stored would decrease, while the others predicted there would be an increase in stored oil. The average of all predictions was a 500,000 barrel drop compared to the previous week. However, the predictions of the ten experts' ranged from a decrease of 4 million barrels to an increase of 2.5 million barrels.

One reason why experts are only predicting a small decrease is because the DOE sold an additional 1.6 million barrels of crude oil from the Strategic Petroleum Reserve to commercial entities last week, as reported on Monday.

The highly anticipated information about inventory from the Energy Information Administration of the Department of Energy will be made public on Wednesday at 10:30 in the morning, Eastern Time.

Analysts predict that there will be a 1.2 million-barrel reduction in gasoline reserves compared to the previous week. These predictions vary from a drop of 3.4 million barrels to a surge of 800,000 barrels.

The amount of distillates in stock, which is mainly made up of diesel fuel, is predicted to drop by 900,000 barrels compared to the previous week. There are differing predictions, with some prognosticators forecasting a reduction of 2.9 million barrels while others project a rise of 600,000 barrels.

It is expected that there will be a rise of 0.6 percentage points in the usage of the refinery compared to the previous week, reaching a total percentage of 89.9%. The predictions vary from a decrease of 0.5 percentage points to an increase of 1.1 percentage points, with two analysts not providing any forecast.

On Tuesday, a source reported that The American Petroleum Institute, which is a group that represents the oil and gas industry, claimed that their data shows a drop of 2.7 million barrels in the supply of crude oil, a decrease of 1 million barrels in gasoline stocks and a fall of 1.9 million barrels in diesel inventories.

"No forecast" can be abbreviated as "n/f".

Please take note that the amounts mentioned in this blog are expressed in millions of barrels, except for refinery consumption which is indicated as a percentage.

Send an email to Dan Molinski by using the following address: [email protected].

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