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 seven analysts and traders surveyed showed that U.S. oil inventories are projected to have decreased by 2.2 million barrels, on average, in the week ended May 19.
All seven analysts expect stockpiles to shrink. Forecasts range from a decrease 3.7 million barrels to a 592,734-barrels drawdown. 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 1 million barrels, on average, according to analysts. Two expect them to rise and five expect them to fall. Estimates range from a fall of 3 million barrels to an increase of 1 million barrels.
Stocks of distillates, which include heating oil and diesel, are expected to shrink by 600,000 million barrels. One analyst expects an increase, and six expect a decrease. Forecasts range from a decline of 1.1 million barrels to an increase of 1 million barrels.
Refinery use is seen rising 0.1 percentage point to 93.5% of capacity, based on EIA data. Two analysts expect a decrease, three expect an increase and two didn't report expectations. Forecasts range from a decrease of 0.5 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 an 1.5-million-barrel decrease in crude supplies, a 3.2-million-barrel decrease in gasoline stocks and a 1.9 million-barrel decrease in distillate inventories, according to a market participant.
Crude Gasoline Distillates Refinery Use
Commodity Research Group -3.7 0.5 -1.1 -0.5
Confluence Investment Management -2.5 -3 -1 0.5
Energy Management Institute -2.5 -1 -1 0.5
Excel Futures -1.733 -0.758 -1.145 0.4
First Standard Financial -0.59273 -2.756 -0.42368 na
Ion Energy Group -2 1 1 na
Ritterbusch and Associates -2.5 -1.2 -0.7 -0.3
AVERAGE -2.2 -1.0 -0.6 0.1
High -0.59273 1 1 0.5
Low -3.7 -3 -1.145 -0.5
(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.)
Write to Timothy Puko at email@example.com
(END) Dow Jones Newswires
May 23, 2017 18:16 ET (22:16 GMT)