(Adds API data)
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 12 analysts surveyed showed that U.S. oil
inventories are projected to have fallen by 1 million barrels, on
average, in the week ended July 3.
Eight analysts expect stockpiles to fall, while another three
expect a rise and one analyst sees stocks unchanged in the week.
Forecasts range from a rise of 2.8 million barrels to a decline of
3.5 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 be unchanged in the week,
according to analysts. Six analysts expect an increase, with three
expecting a decline and three seeing no change. Estimates range
from a rise of 1.5 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 million barrels. Eleven analysts expect a
rise, while one sees no change. Forecasts range from unchanged to a
gain of 2.5 million barrels.
Refinery use is seen rising 0.1 percentage point to 95.1% of
capacity, based on EIA data. Six analysts expect a gain, three
expect a drop, one sees no change and two didn't provide an
estimate. Forecasts range from a rise of 0.5 point to a decline of
0.6 point.
The American Petroleum Institute, an industry group, said late
Tuesday that its own data for the same week showed a 950,000-barrel
draw in crude-oil supplies, according to sources. The group said
that gasoline supplies rose by 2 million barrels, they said. API
said U.S. distillate stocks rose 4.2 million barrels in the week,
according to the sources.
Crude Gasoline Distillates Refinery Use
Again Capital 1.1 -0.9 1.8 0.3
Citi Futures Perspective -1.5 unch unch 0.2
Confluence Investment Management -3.0 unch 1.0 0.5
EBW AnalyticsGroup -3.5 1.5 1.0 unch
Energy Management Institute -1.5 0.3 1.0 0.2
Excel Futures 2.8 -1.4 0.9 -0.6
Frost & Sullivan -2.0 1.0 1.5 -0.25
IAF Advisors -2.0 unch 0.5 n/a
Ritterbusch and Associates unch 0.3 1.2 0.2
Schneider Electric 0.8 -1.5 0.5 0.5
Tradition Energy -2.5 1.0 2.5 -0.5
Tyche Capital Advisors -1.0 0.25 0.2 n/a
AVERAGE -1.0 unch 1.0 0.1
(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