Correction to U.S. Crude-Oil Stocks Seen Decreasing in DOE Data Story

By Alison Sider 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 11 analysts and traders surveyed showed that U.S. oil inventories are projected to have decreased by 3.2 million barrels, on average, in the week ended July 7. All 11 analysts expect stockpiles to shrink. Forecasts range from a decrease of 1.1 million barrels to a decrease of 6 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 an increase of 300,000 barrels on average, according to analysts. Seven expect them to rise, and four expect them to fall. Estimates range from a decline of 2.5 million barrels to an increase of 2.8 million barrels.

Stocks of distillates, which include heating oil and diesel, are expected to grow by 1 million barrels. Eight analysts expect an increase, and three expect a decrease. Forecasts range from a decline of 2.8 million barrels to an increase of 3.7 million barrels.

Refinery use is seen gaining 0.4 percentage point to 94% of capacity, based on EIA data. Nine analysts expect an increase, one expects a decrease, and one did not report expectations. Forecasts range from an decrease of 0.8 percentage point to an increase of 1 percentage point.

Crude Gasoline Distillates Refinery Use

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Again Capital -1.1 0.75 2.3 0.5

Citi Futures -3.5 1 2 0.5

Commodity Research Group -3 -0.28 -0.2 -0.8

Confluence Investment Management -3 1 2 0.7

Energy Management Institute -3.4 1.3 2 0.4

Excel Futures -3.75 -1.6 0.4 0.4

First Standard Financial -3.7 -0.9 -2.8

Price Futures Group -2.2 -2.5 -1.4 1

Ritterbusch and Associates -6 2.8 3.7 0.2

Schneider Electric -1.9 0.5 0.8 0.25

Tradition Energy -3.75 1 2.5 0.5

AVERAGE -3.2 0.3 1.0 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.)

Write to Alison Sider at alison.sider@wsj.com

Corrections & Amplifications

This article was corrected at 5:21 p.m. ET because the original version incorrectly stated the expected changes in oil inventories and refinery use in the second and last paragraphs. Estimates from 11 analysts and traders surveyed showed that U.S. oil inventories are projected to have decreased by 3.2 million barrels, not 3.4 million, on average, in the week ended July 7, and refinery use is seen gaining 0.4 percentage point, not 0.3.

Estimates from 11 analysts and traders surveyed showed that U.S. oil inventories are projected to have decreased by 3.2 million barrels, on average, in the week ended July 7, and refinery use is seen gaining 0.4 percentage point. "U.S. Crude-Oil Stocks Seen Decreasing in DOE Data," published at 2:58 p.m. EDT, incorrectly stated the expected changes in oil inventories and refinery use in the second and last paragraphs.

(END) Dow Jones Newswires

July 11, 2017 17:36 ET (21:36 GMT)