By Nicole Friedman
NEW YORK--U.S. crude-oil stocks are expected to decline in a
report due Wednesday from the Department of Energy, according to a
survey of analysts by The Wall Street Journal.
Estimates from 13 analysts surveyed showed that U.S. oil
inventories are projected to have fallen by 2.5 million barrels, on
average, in the week ended July 18.
Twelve analysts expect stockpiles to fall, while one expects a
rise. Forecasts range from an increase of 1.5 million barrels to a
drop of 4.5 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 gain by 900,000 barrels,
according to analysts. Ten analysts expect a rise, with three
expecting a fall. Estimates range from a rise of 2.4 million
barrels to a drop of 1.5 million barrels.
Stocks of distillates, which include heating oil and diesel, are
expected to rise by 1.9 million barrels. All 13 analysts expect an
increase. Forecasts range from a gain of 2.9 million barrels to an
increase of 900,000 barrels.
Refinery use is seen falling 0.2 percentage point to 93.6% of
capacity, based on EIA data. Seven analysts expect a decline, five
expect a rise, one anticipates no change and one didn't provide an
estimate. Forecasts range from a rise of 1.0 point to a drop of 2.0
points.
The American Petroleum Institute, an industry group, is
scheduled to release its inventory data for the same period later
Tuesday.
Crude Gasoline Distillates Refinery Use
Again Capital -3.4 1.7 0.9 0.3
Citi Futures Perspective -2.5 -0.5 2.0 -0.5
Confluence Investment Management 1.5 1.0 1.5 0.5
EBW AnalyticsGroup -4.5 1.0 1.5 unch
Energy Management Institute -2.5 1.0 2.0 0.3
Excel Futures -2.4 1.1 2.1 -0.3
IAF Advisors -3.0 1.5 2.5 n/a
Jefferies Bache LLC -2.7 -0.3 1.9 -0.1
Oil Outlooks -2.5 1.0 1.5 -0.5
Price Futures Group -2.9 2.0 2.0 1.0
Ritterbusch and Associates -3.0 2.4 2.8 0.1
Schneider Electric -3.2 0.8 2.9 -1.0
Tradition Energy -2.0 -1.5 1.0 -2.0
AVERAGE -2.5 0.9 1.9 -0.2
(Figures in millions of barrels except for refining capacity,
which is reported in percentage points. For analysts providing
forecasts in a range, the average of the upper and lower ends of
the range is used.)
Write to Nicole Friedman at nicole.friedman@wsj.com