U.S. Crude Oil Stocks Seen Decreasing in DOE Data

By Timothy Puko Features Dow Jones Newswires

U.S. crude oil stocks are expected to show a decrease in data due Wednesday from the Department of Energy, according to a survey of analysts and traders by The Wall Street Journal.

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Estimates from 10 analysts and traders surveyed showed that U.S. oil inventories are projected to have decreased by 1.8 million barrels, on average, in the week ended April 28.

All 10 analysts expect stockpiles to shrink. Forecasts range from a decrease of 3 million barrels to a decrease of 267,000 barrels. The closely watched survey from the Energy Information Administration is due at 10:30 a.m. EDT Wednesday.

Gasoline stockpiles are expected to show an increase of 700,000 barrels on average, according to analysts. Seven expect them to rise and three expect them to fall. Estimates range from a fall of 2.8 million barrels to an increase of 2.9 million barrels.

Stocks of distillates, which include heating oil and diesel, are expected to grow by 600,000 barrels. Seven analysts expects an increase, and three expect a decrease. Forecasts range from a decline of 1 million barrels to an increase of 2 million barrels.

Refinery use is seen falling 0.4 percentage point to 93.7% of capacity, based on EIA data. Seven analysts expect a decrease, one expects an increase and two did not report expectations. Forecasts range from a decrease of 1 percentage point to an increase of 0.5 point.

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The American Petroleum Institute, an industry group, said late Tuesday that its own data for the week showed a 4.2 million barrel decrease in crude supplies, a 1.9 million-barrel decline in gasoline stocks and a 436,000-barrel decline in distillate inventories, according to a market participant.

Crude Gasoline Distillates Refinery Use

Citi Futures Perspective -1.5 1 1 -1

Confluence Investment Management -1 -0.5 -0.5 -0.5

Energy Management Institute -2 1.5 1.6 -0.8

Excel Futures -2.663 2.874 1.987 -0.6

First Standard Financial -0.267 -2.789 -0.597 na

Frost & Sullivan -2.5 -1 1 0.5

Ion Energy Group -3 0.5 0.5 na

Ritterbusch and Associates -1.8 1 -1 -0.1

Schneider Electric -1.5 2.2 0.5 -0.5

Tradition Energy -1.5 2 1.5 -0.5

AVERAGE -1.8 0.7 0.6 -0.4

(Figures in millions of barrels except for refining capacity, which is reported in percentage points. For analysts providing forecasts in a range, the average of the upper and lower ends of the range is used.)

(END) Dow Jones Newswires

May 02, 2017 17:15 ET (21:15 GMT)