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

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 10 analysts and traders showed U.S. oil inventories are projected to have decreased by 1.2 million barrels, on average, in the week ended Oct. 27.

Three analysts expect stockpiles to rise and seven expect them to fall. Forecasts range from a decrease of 3.9 million barrels to an increase of 2.8 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 fall by 1.8 million barrels on average, according to analysts. All 10 analysts expect them to fall. Estimates range from a decline of 3 million barrels to an decline of 500,000 barrels.

Stocks of distillates, which include heating oil and diesel, are expected to fall by 2.3 million barrels. All 10 analysts expect a decrease. Forecasts range from a decline of 3 million barrels to a fall of 400,000 barrels.

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Refinery use is seen increasing by 0.7 percentage point to 88.5% of capacity. Six analysts expect an increase, two expect a decrease, and two didn't report expectations. Forecasts range from a decrease of 0.5 percentage point to an increase of 2.2 percentage points.

The American Petroleum Institute, an industry group, said late Tuesday its own data for the week showed a 5.1-million-barrel decrease in crude supplies, a 7.7-million-barrel decrease in gasoline stocks and a 3.1-million-barrel decline in distillate inventories, according to a market participant.

Crude Gasoline Distillates Refinery Use

Again Capital -0.9 -1.1 -0.4 0.4

Citi Futures -3.5 -2.5 -3 -0.5

Confluence Investment Management 2.5 -2.5 -2 1

Energy Management Institute -3.9 -1.2 -2 2.2

Excel Futures 2.8 -2.4 -2.8 2.1

First Standard Financial -3 -1 -3 N/A

Ion Energy -2.5 -0.5 -2.5 N/A

Price Futures Group -3.5 -3 -3 -0.5

Ritterbusch and Associates -1.4 -2 -2.3 0.2

Tradition Energy 1.5 -2 -2 1

AVERAGE -1.2 -1.8 -2.3 0.7

(END) Dow Jones Newswires

October 31, 2017 17:05 ET (21:05 GMT)