By Dan Molinski
U.S. crude-oil stockpiles are expected to have fallen from the previous week in data due Wednesday from the U.S. Department of Energy, according to a survey by The Wall Street Journal.
The average of estimates from 10 analysts and traders showed U.S. commercial crude-oil stockpiles are projected to have decreased by 2.2 million barrels for the week ended July 21. Forecasters were nearly unanimous, with nine predicting a decrease and just one forecasting a week-on-week increase. Expectations range from a decrease of 5.5 million barrels to an increase of 1.6 million barrels.
The closely watched inventory data from the DOE’s Energy Information Administration are scheduled for release at 10:30 a.m. ET Wednesday.
Gasoline inventories are expected to fall by 1.7 million barrels from the previous week, according to analysts. Estimates range from decreases of 1 million barrels to 3 million barrels.
Stocks of distillates, which are mostly diesel fuel, are expected to decline by 600,000 barrels from the previous week. Forecasts range from a decrease of 4.5 million barrels to an increase of 1.7 million barrels.
Refinery use likely rose by 0.1 percentage point from the previous week to 94.4%. Forecasts range from a decrease of 0.9 percentage point to an increase of 1 percentage point. Two analysts didn’t make a forecast.
The American Petroleum Institute, an industry group, said late Tuesday that its own data for the week showed a 1.3-million-barrel increase in crude supplies, a 1-million-barrel decline in gasoline stocks and a 1.6-million-barrel increase in diesel inventories, according to a source.
Crude Gasoline Distillates Refinery Use Again Capital -2.9 -1.8 -2.1 -0.4 Commodity Research Group -2 -1 -0.2 -0.9 Confluence Investment Management -2.5 -1 0.5 unch DTN -1.2 -2.2 0.8 0.3 Excel Futures -1.4 -1.7 -0.6 0.4 Spartan Capital Securities 1.6 -1.1 0.8 n/f Mizuho -1 -1 0.5 0.3 Price Futures Group -3 -3 -3 1 Ritterbusch and Associates -3.7 -1.5 1.7 -0.2 Tradition Energy -5.5 -2.5 -4.5 n/f AVERAGE -2.2 -1.7 -0.6 0.1
n/f = no forecast
unch = unchanged
Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.
Write to Dan Molinski at [email protected]
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