Analysts Anticipate Drop Ahead of Labor Day Weekend

  • U.S. crude oil inventories expected to decline by 700,000 barrels
  • Gasoline stocks predicted to decrease by 1.4 million barrels
  • Distillate fuels (mainly diesel) inventory forecasted to drop by 100,000 barrels
  • Refinery capacity use expected to decline by two-fifths of a percentage point

According to a Wall Street Journal survey, U.S. crude oil inventories are expected to decrease by 700,000 barrels in the week ended August 30th, with gasoline stocks also predicted to drop by 1.4 million barrels and distillate fuels (mainly diesel) inventory forecasted to decline by 100,000 barrels. Refinery capacity use is anticipated to decrease by two-fifths of a percentage point ahead of the Labor Day holiday weekend. The U.S. Energy Information Administration will release the official inventory data on Thursday.

Factuality Level: 8
Factuality Justification: The article provides accurate and objective information about the expectations for changes in U.S. crude oil inventories, gasoline stocks, and distillate fuels based on surveys from various analysts and traders. It also includes a range of estimates for each expectation, which shows the variability in predictions. The article is focused on the main topic without any digressions or irrelevant information.
Noise Level: 3
Noise Justification: The article provides relevant and accurate information about the expected changes in oil inventories and refinery usage based on estimates from various analysts. It stays on topic and supports its claims with specific numbers and forecasts. However, it lacks analysis or exploration of long-term trends or consequences, and does not offer actionable insights for readers.
Private Companies: Again Capital,Commodity Research Group,Confluence Investment Management,Rystad Energy,Excel Futures,Spartan Capital Securities,Mizuho,Price Futures Group,Ritterbusch and Associates,Tradition Energy
Key People: Anthony Harrup (Author)

Financial Relevance: Yes
Financial Markets Impacted: Crude oil and gasoline stocks
Financial Rating Justification: The article discusses the expected changes in U.S. crude oil inventories, gasoline stocks, and distillate fuels, which can impact the financial markets due to their direct relation to energy prices and companies involved in the production and distribution of these commodities.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no mention of an extreme event in the text.
Move Size: No market move size mentioned.
Sector: Energy
Direction: Up
Magnitude: Medium
Affected Instruments: Commodities

Image source: Nefronus / Own work

Reported publicly: www.marketwatch.com