US Crude Oil Inventories Projected to Rise by 900,000 Barrels for Week Ending Oct. 6
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Analysts and traders anticipate a rise in U.S. commercial crude oil inventories by an average of 900,000 barrels for the week ending Oct. 6, according to a recent survey conducted by the Wall Street Journal. The Department of Energy’s Energy Information Administration (EIA) is set to release this data on Thursday, a delay attributed to the Columbus Day holiday.
The survey also revealed a divergence in stockpile range predictions among analysts. 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.
In addition to crude oil, the survey provided estimates for gasoline and distillate stocks. Gasoline inventories are expected to see a boost of approximately 400,000 barrels, with individual estimates oscillating between a decrease of 2 million barrels and an increase of 3.1 million barrels.
Distillate stocks, mainly comprised of diesel fuel, are expected to decrease by about 300,000 barrels. Furthermore, the refinery use percentage for the same week is projected to have dipped by 0.3 points from the preceding week.
