U.S. Crude-Oil Stocks Seen Increasing in DOE Data -- Update
U.S. crude-oil stocks are expected to show an increase 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 increased by 2.1 million barrels, on average, in the week ended Sept. 22.
Eight analysts expect stockpiles to grow and two expect them to shrink. Forecasts range from a decrease of 3 million barrels to an increase of 5 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 a decrease of 1 million barrels on average, according to analysts. Five expect them to fall, four expect them to rise and one expects no change. Estimates range from a decline of 3.1 million barrels to an increase of 800,000 barrels.
Stocks of distillates, which include heating oil and diesel, are expected to fall by 2.1 million barrels. All 10 of the analysts expect a decrease. Forecasts range from a decrease of 3.7 billion barrels to 1.1 million barrels.
Refinery use is seen rising 3.8 percentage points to 87% of capacity, based on EIA data. Eight analysts expect an increase and two didn't report expectations. Forecasts range from an increase of 2.5 percentage points to an increase of 6 percentage points.
The American Petroleum Institute, an industry group, said late Tuesday that its own data for the week showed a 761,000-barrel decrease in crude supplies, a 1.5-million-barrel increase in gasoline stocks and a 4.5-million-barrel decline in distillate inventories, according to a market participant.
Crude Gasoline Distillates Refinery Use
Again Capital 3.7 0.5 -1.1 3
Citi Futures 1.5 0.6 -1.5 6
Commodity Research Group 3.8 -3.1 -2.1 3.3
Confluence Investment Management 2 0.5 -2 2.5
Energy Management Institute 1.7 0.8 -1.2 5
Excel Futures 4.2 -2.1 -3.7 3.9
First Standard Financial -0.7 -2.7 -1.9 n/a
IAF Advisors 5 0 -2 n/a
Mizuho 2.5 -1.5 -2 3
Price Futures Group -3 -3 -3 4
AVERAGE 2.1 -1.0 -2.1 3.8
n/a = not available
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(END) Dow Jones Newswires
September 26, 2017 17:03 ET (21:03 GMT)