(Adds API data in eighth paragraph.)
By Nicole Friedman
NEW YORK--U.S. crude-oil stocks are expected to decline in data
due Wednesday from the Department of Energy, according to a survey
of analysts by The Wall Street Journal.
Estimates from 11 analysts surveyed showed that U.S. oil
inventories are projected to have fallen by 900,000 barrels, on
average, in the week ended Aug. 15.
Nine analysts expect crude stockpiles to fall, while two expect
a rise. Forecasts range from a rise of 3 million barrels to a drop
of 2.5 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 fall 1.3 million barrels,
according to analysts. Ten analysts expect a decline, with one
expecting a rise. Estimates range from a rise of 500,000 barrels to
a drop of 2 million barrels.
Stocks of distillates, which include heating oil and diesel, are
expected to decline by 700,000 barrels. Seven analysts expect a
drop, while three see a gain and one expects no change. Forecasts
range from a drop of 2.8 million barrels to a gain of 1 million
barrels.
Refinery use is seen falling 0.3 percentage point to 91.3% of
capacity, based on EIA data. Nine analysts expect a decline, one
expects no change and one didn't provide an estimate. Forecasts
range from unchanged to a drop of 0.6 point.
The American Petroleum Institute, an industry group, said late
Tuesday that its own data for the same week showed a 1.4
million-barrel drop in crude stocks, according to industry sources.
The API also said that gasoline supplies fell by 2.1 million
barrels and stocks of distillates fell 568,000 barrels, the sources
said.
Crude Gasoline Distillates Refinery Use
Citi Futures Perspective -1.5 -2.0 unch -0.5
Confluence Investment Management -2.5 -1.0 1.0 unch
EBW AnalyticsGroup -0.5 -1.0 -1.0 -0.1
Energy Management Institute -1.6 -1.0 0.2 -0.1
Excel Futures 2.4 -1.7 -2.8 -0.6
IAF Advisors -2.5 0.5 -2.0 n/a
Jefferies Bache LLC -2.5 -0.9 -1.0 -0.2
Oil Outlooks -2.0 -1.5 -0.5 -0.5
Price Futures Group 3.0 -2.0 -1.0 -0.5
Ritterbusch and Associates -2.0 -1.6 -0.4 -0.2
Schneider Electric -0.5 -1.8 0.2 -0.4
AVERAGE -0.9 -1.3 -0.7 -0.3
(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