Analysts expect increase in US oil reserves

MOSCOW, 8 Sep — PRIME. Commercial stocks of oil in US storage facilities during the reporting week are likely to have increased slightly compared to the previous week. This is the forecast of analysts and traders polled by the Wall Street Journal.

According to an average of 10 analysts and traders, oil inventories in US storage increased by 300,000 barrels in the week of August 27-September 2. Four analysts suggest a reduction in inventories, and six expect growth. Estimates range from -2.7 million barrels to +3 million barrels.

The release of the Energy Information Administration’s (EIA) weekly report from the US Department of Energy is expected at 1500 GMT on Thursday. The data will be released a day later than usual due to the Labor Day holiday on Monday.

Gasoline inventories, on average, analysts surveyed expect to be down 1.4 million barrels from the previous week. Estimates range from -2 million barrels to +1.2 million barrels.

Inventories of distillates, including heating and diesel fuel, as analysts assume on average, increased by 200,000 barrels during the reporting week. Estimates range from -2 million barrels to +1.4 million barrels.

U.S. refinery capacity utilization fell 0.3 percentage points to 92.4% this week, the EIA is likely to report. Projections range from -1 percentage point to +1 percentage point. Two analysts did not provide a forecast for this indicator.

The American Petroleum Institute (API) data released on Wednesday showed an increase in oil inventories for the reporting week by 3.6 million barrels, as well as a decrease in gasoline inventories by 836,000 barrels and an increase in distillate inventories by 1.8 million barrels.