I'm not sure about that. Estrogen is actually a lipolytic hormone. Looking at the research it doesn't seem promote fat storage, though it affects the fat storage pattern - where it's stored.
You have to remember, "Estrogen" is actually different compounds with estradiol, estriol, and estrone being the three major compounds.
Estradiol is the major "estrogen" which is produced by the conversion of testosterone to estrogen.
Estrone is in relatively low abundance, but it occurs from the conversion of androstenedion to estrogen via aromatase. Estrone is also a relatively long lived hormone, converting to estrone sulfate which will act as a 'reservior" of estrogen.
Both of these forms of estrogen will be present in bodybuilders taking supplemental anabolics---with the degree present depending on what they are specifically taking. Estrone is a big factor with people taking prohormones and then thinking they had some magical testosterone hormone effects when in actuality, it was just estrogen that was being produced.
Estriol is produced by the placenta during pregnancy so it really isn't something that should affect males in any way.
There are definite fat metabolism effects. Its progesterone in birth control pills that actually cuases women to gain weight, not the estrogen. If I remember right, wasn't here a post on this forum about the East German use of anabolic steroids in the female athletes prior to the 1980 olympics? Those women were all given (If i remember right) higher estrogen birth control pills for metabolic effects---and to control their cycles for maximal physical exertion.