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. Estimates from 10 analysts and traders surveyed showed that U.S. oil inventories are projected to have decreased by 2.4 million barrels, on average, in the week ended June 23.

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All 10 analysts expect stockpiles to shrink. Forecasts range from a decrease of 4.5 million barrels to a decrease of 900,000 barrels. The closely watched survey from the Energy Information Administration is due at 10:30 a.m. ET Wednesday.

Gasoline stockpiles are expected to show a decrease of 600,000 barrels, on average, according to analysts. Three expect them to rise, five expect them to fall and two expect no change. Estimates range from a fall of 3 million barrels to an increase of 500,000 barrels.

Stocks of distillates, which include heating oil and diesel, are expected to rise by 300,000 million barrels. Seven expect an increase, and three expect a decrease. Forecasts range from a decline of 2 million barrels to an increase of 1.5 million barrels.

Refinery use is seen falling 0.2 percentage point to 93.8% of capacity, based on EIA data. Five analysts expect a decrease, three expect an increase and two didn't report expectations. Forecasts range from a decrease of 1 percentage point to an increase of 0.5 point.

The American Petroleum Institute, an industry group, said late Tuesday that its own data for the week showed an 800,000-barrel increase in crude supplies, a 1.4 million-barrel rise in gasoline stocks and a 700,000-barrel increase in distillate inventories, according to a market participant.

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Crude Gasoline Distillates Refinery Use

Citi Futures Perspective -2.5 0 1 -0.5

Commodity Research Group -0.9 0.4 -0.3 -0.3

Confluence Investment Management -3 -0.5 1.5 0.5

Energy Management Institute -2 -0.5 1 -0.3

Excel Futures -1.992 -1.284 0.868 0.4

First Standard Financial -1.39876 -2.45689 -1.45646 na

Ion Energy Group -2.5 0.5 1 na

Price Futures Group -4.5 -3 -2 -1

Ritterbusch and Associates -2 0 0.5 -0.5

Schneider Electric -2.8 0.5 1.2 0.25

AVERAGE -2.4 -0.6 0.3 -0.2

High -0.9 0.5 1.5 0.5

Low -4.5 -3 -2 -1

(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

June 27, 2017 17:13 ET (21:13 GMT)