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

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 12 analysts and traders surveyed showed that U.S. oil inventories are projected to have decreased by 1.7 million barrels, on average, in the week ended May 5.

All 12 analysts expect stockpiles to shrink. Forecasts range from a decrease 2.9 million barrels to a decrease of 1 million 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 a decrease of 400,000 barrels on average, according to analysts. Four expect them to rise and eight expect them to fall. Estimates range from a fall of 1.5 million barrels to an increase of 1.8 million barrels.

Stocks of distillates, which include heating oil and diesel, are expected to shrink by 800,000 barrels. All 12 analysts expect a decrease. Forecasts range from a decline of 1.5 million barrels to a decline of 231,000 barrels.

Refinery use is seen falling 0.3 percentage point to 93% of capacity, based on EIA data. Three analysts expect an increase, eight expect a decrease 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 5.8-million-barrel decrease in crude supplies, a 3.2-million-barrel increase in gasoline stocks and a 1.2-million-barrel decline in distillate inventories, according to a market participant.

Crude Gasoline Distillates Refinery Use

Again Capital -1.1 0.4 -1.3 0.2

Citi Futures Perspective -1.5 -1 -1 -0.8

Commodity Research Group -2.5 0.9 -0.6 -0.5

Confluence Investment Management -1 -1.5 -1.5 0.5

Energy Management Institute -1.2 -1 -0.7 -0.5

Excel Futures -1.684 1.769 -0.231 0.5

First Standard Financial -1.89 -1.367 -0.672 n/a

Frost & Sullivan -2 -1.5 -1 -0.5

Ion Energy Group -1.5 0.5 -0.5 n/a

Ritterbusch and Associates -2.9 -1.1 -1.5 -1

Schneider Electric -1.25 -0.9 -0.5 -0.25

Tradition Energy -1.9 -0.5 -0.5 -0.5

AVERAGE -1.7 -0.4 -0.8 -0.3

(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 09, 2017 17:13 ET (21:13 GMT)