US Crude Inventories Expected to Rise, Boost in Gasoline Anticipated
According to a recent survey conducted by the Wall Street Journal, experts are predicting a rise in US commercial crude oil inventories for the week ending October 6. The survey revealed that analysts and traders, on average, anticipate an increase of 900,000 barrels. However, there is a divergence in stockpile range predictions, with three forecasters expecting a decrease while six predict an increase.
The range of estimates spans from a decline of 1.7 million barrels to an increase of up to 3 million barrels. This discrepancy highlights the uncertainty surrounding the future state of crude oil inventories in the US.
In addition to crude oil, the survey also provided insights into gasoline and distillate stocks. Gasoline inventories are expected to experience a boost of approximately 400,000 barrels. Individual estimates differ, ranging from a decrease of 2 million barrels to an increase of 3.1 million barrels.
On the other hand, distillate stocks, mainly composed of diesel fuel, are predicted to decrease by approximately 300,000 barrels. This decrease suggests a potential shift in the demand for diesel fuel in the foreseeable future.
Furthermore, the survey indicated that the refinery use percentage for the same week is projected to have dipped by 0.3 points compared to the preceding week. This decrease reflects a potential decline in refinery activity during the specified period.
Overall, these predictions provide a snapshot of the current expectations for US crude oil inventories, gasoline stocks, and refinery activity. The diverging perspectives among analysts underscore the uncertainty in the energy market. It will be interesting to observe how these projections align with the actual data released by the Department of Energy’s Energy Information Administration later this week.
