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 11 analysts and traders showed U.S. oil inventories are projected to have decreased by 1.4 million barrels, on average, in the week ended Nov. 10. Three analysts expect stockpiles to rise and eight expect them to fall. Forecasts range from a decrease of 3.5 million barrels to an increase of 2.5 million barrels.
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The closely watched survey from the Energy Information Administration is due at 10:30 a.m. EST Wednesday.
Gasoline stockpiles are expected to fall by 1.1 million barrels on average, according to analysts. Three analysts expect them to rise and eight expect them to fall. Estimates range from a decline of 3 million barrels to an increase of 2 million barrels.
Stocks of distillates, which include heating oil and diesel, are expected to fall by 500,000 barrels. Seven analysts expect a decrease while four expect an increase. Forecasts range from a fall of 2.9 million barrels to a an increase of 3 million barrels.
Refinery use is seen increasing by 0.9 percentage point to 90.5% of capacity. Nine analysts expect an increase and two did not report expectations. Forecasts range from an increase of 0.4 percentage point to an increase of 1.2 percentage points.
The American Petroleum Institute, an industry group, said late Tuesday that its own data for the week showed a 6.5-million-barrel increase in crude supplies, a 2.4-million-barrel rise in gasoline stocks and a 2.5-million-barrel decline in distillate inventories, according to a market participant.
Crude Gasoline Distillates Refinery Use
Citi Futures -3.5 -1.5 -1.5 1
Commodity Research Group -3.2 -1.6 -1.8 0.4
Confluence Investment Management 2 2 -2 0.5
Energy Management Institute -3.2 -1.5 -1.8 1.2
Excel Futures 2.15 -2.7 -2.9 1.1
First Standard Financial -0.7 -2.7 0.9 n/a
IAF Advisors -3.5 0.5 1 n/a
Price Futures Group -3 -3 3 1
Ritterbusch and Associates -2 0.5 -0.7 1
Schneider Electric -2.4 -1.6 -0.5 1
Tradition Energy 2.5 -1 1 0.5
AVERAGE -1.4 -1.1 -0.5 0.9
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(END) Dow Jones Newswires
November 14, 2017 17:29 ET (22:29 GMT)