US Crude Oil Inventories Projected to Rise, Gasoline and Distillate Stocks Also Expected to Fluctuate
Anticipated Increase in Crude Oil Inventories
Analysts and traders are predicting a rise in US commercial crude oil inventories for the week ending Oct. 6. According to a recent survey conducted by the Wall Street Journal, the average projection is an increase of 900,000 barrels. This data, delayed due to the Columbus Day holiday, will be released by the Department of Energy’s Energy Information Administration (EIA) on Thursday.
Divergence in Stockpile Range Predictions
The survey also revealed a disparity in predictions among analysts regarding stockpile ranges. Out of those surveyed, three forecasted a decrease in inventories while six predicted an increase. The estimates ranged from a decline of 1.7 million barrels to an increase of up to 3 million barrels.
Gasoline and Distillate Stocks
Alongside crude oil inventories, the survey provided estimates for gasoline and distillate stocks. Gasoline inventories are expected to see a boost of approximately 400,000 barrels. However, individual estimates oscillated between a decrease of 2 million barrels and an increase of 3.1 million barrels.
Distillate stocks, primarily consisting of diesel fuel, are projected to decrease by about 300,000 barrels. Additionally, the refinery use percentage for the same week is expected to have dipped by 0.3 points compared to the preceding week.
These fluctuations in gasoline and distillate stocks indicate potential shifts in the energy market, impacting prices and supply. Traders and analysts closely monitor these changes to make informed decisions.
As we await the release of the official data, it remains to be seen how these projections will align with the actual inventory numbers. The energy market continues to be influenced by various factors, including global demand, geopolitical events, and production levels. Stay tuned for updates on the ever-evolving landscape of the oil industry.
