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 nine analysts and traders showed U.S. oil inventories are projected to have decreased by 1.9 million barrels, on average, in the week ended Jan. 19. Seven analysts expect stockpiles to fall, and two expected them to rise.
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Forecasts range from a decrease of 5.4 million barrels to an increase of 3 million barrels. The closely watched survey from the Energy Information Administration is due at 10:30 a.m. EST Wednesday.
Gasoline stockpiles are expected to grow by 2.5 million barrels on average, according to analysts. Eight analysts expect them to rise and one expects them to fall. Estimates range from a decline of 1 million barrels to an increase of 4.3 million barrels.
Stocks of distillates, which include heating oil and diesel, are expected to fall by 2 million barrels. All nine analysts expect a decrease. Forecasts range from a decline of 4 million barrels to a decrease of 300,000 barrels.
Refinery use is seen falling 1.1 percentage points to 91.9% of capacity. One analyst expects an increase, five expect a decrease, and three didn't report expectations. Forecasts range from a decrease of 2 percentage points to an increase of 0.4 percentage point.
The American Petroleum Institute, an industry group, said late Tuesday that its own data for the week showed a 4.8-million-barrel increase in crude supplies, a 4.1 million-barrel rise in gasoline stocks and a 1.3-million-barrel decrease in distillate inventories, according to a market participant.
Crude Gasoline Distillates Refinery Use
Again Capital -0.9 3.2 -0.4 -1
Citi Futures -4.5 2.5 -1.5 -1.5
Commodity Research Group -3.2 4.3 -1.7 -1.2
Confluence Investment Management 3 -1 -2.5 -1
Excel Futures -5.4 3.8 -4 0.4
First Standard Financial -1.7 2.7 -3.9
ION Energy -2.5 2.5 -1.5
Price Futures Group -4 2 -2
Ritterbusch and Associates 2.3 2.2 -0.3 -2
AVERAGE -1.9 2.5 -2.0 -1.1
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(END) Dow Jones Newswires
January 23, 2018 17:01 ET (22:01 GMT)