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 nine analysts and traders showed U.S. oil inventories are projected to have fallen by 2.6 million barrels for the week ended Dec. 17. Each of the analysts forecast a decline, with predictions ranging from decreases of 200,000 barrels to 4 million barrels.
The closely watched survey from the DOE’s Energy Information Administration is scheduled for release at 10:30 a.m. EST Wednesday.
Gasoline stockpiles are expected to rise by 100,000 barrels from the previous week, according to analysts. Estimates range from a decrease of 2 million barrels to an increase of 2 million barrels.
Stocks of distillates, which include heating oil and diesel, are expected to decrease by 400,000 barrels from the previous week. Forecasts range from a decrease of 2 million barrels to an increase of 1.2 million barrels.
Refinery use likely rose by 0.4 percentage point from the previous week, to 90.2% of capacity. Forecasts range from a decrease of 0.4 percentage point to an increase of 1 percentage point. Two analysts didn’t make a forecast.
The American Petroleum Institute, an industry group, said Tuesday its data for the week showed a 3.7 million-barrel decrease in crude supplies, a 3.7 million-barrel rise in gasoline stocks and an 849,000-barrel decrease in distillate inventories, according to a source.
Refinery Crude Gasoline Distillates Use Again Capital -2.7 -1.6 -1.1 -0.4 Commodity Research Group -1.8 1.6 1.2 1 Confluence Investment Management -3 1.5 -0.5 1 DTN -3.1 1.4 1.2 0.5 Spartan Capital Securities -3.7 -1.9 -1.4 n/f Mizuho -2 2 1 unch Price Futures Group -4 -2 -2 0.5 Ritterbusch and Associates -0.2 0.5 -0.1 0.2 Tradition Energy -3 -0.5 -1.7 n/f AVERAGE -2.6 0.1 -0.4 0.4
n/f = no forecast
Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.
