By Dan Molinski
U.S. crude-oil stockpiles are unanimously expected to decrease from the previous week in data due Wednesday from the U.S. Energy Department, according to a survey of analysts and traders by The Wall Street Journal.
Estimates from 10 analysts and traders showed U.S. oil inventories are projected to have fallen by 3.7 million barrels in the week ended July 16, with forecasts ranging from declines of 700,000 barrels to 6 million barrels.
The closely watched survey from the DOE's Energy Information Administration is scheduled for release at 10:30 a.m. ET Wednesday.
Gasoline stockpiles are expected to fall by 1.1 million barrels from the previous week, according to analysts. Estimates range from a decrease of 2.8 million barrels to an increase of 2.1 million barrels.
Stocks of distillates, which include heating oil and diesel, are expected to rise by 700,000 barrels from the previous week. Forecasts range from a decrease of 2 million barrels to an increase of 4.3 million barrels.
Refinery use likely rose by 0.3 percentage point to 92.1% of capacity. Forecasts range from a decrease of 0.6 percentage point to a 1 percentage-point increase. One analyst didn't make a forecast.
Crude Gasoline Distillates Use
Again Capital -2.9 -1.1 0.8 0.6
Citi Futures -5.5 -1.5 1.5 0.5
Commodity Research Group -4.5 -0.9 0.2 0.8
Confluence Investment Management -4.5 -1 0.5 -0.5
DTN -3.5 -1.2 2.1 0.4
Excel Futures -6 2.1 4.3 0.5
Spartan Capital Securities -0.7 -2.8 -1.1 n/f
Mizuho -3 -1 1 -0.6
Price Futures Group -5 -2 -2 1
Ritterbusch and Associates -1.5 -1.5 -0.4 -0.3
AVERAGE -3.7 -1.1 0.7 0.3
Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.
n/f = no forecast
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(END) Dow Jones Newswires