By Nicole Friedman
NEW YORK--U.S. crude-oil stocks are expected to have declined in
data due on Wednesday from the Department of Energy, according to a
survey of analysts by The Wall Street Journal.
Estimates from 13 analysts surveyed showed U.S. oil inventories
are projected to have fallen 1.5 million barrels, on average, in
the week ended July 31.
Eleven analysts expect stockpiles to have fallen, while two
expect a rise. Forecasts range from a rise of 1.5 million barrels
to a drop of 3.5 million barrels.
The closely watched survey from the Energy Information
Administration is due at 10:30 a.m. EDT on Wednesday.
Gasoline stockpiles are expected to have fallen 600,000 barrels,
according to analysts. Nine analysts expect a decline, with four
expecting a rise. Estimates range from a rise of 1 million barrels
to a drop of 2.5 million barrels.
Stocks of distillates, which include heating oil and diesel, are
expected to have risen 1.6 million barrels. All 13 analysts expect
a rise. Forecasts range from a gain of 500,000 barrels to a rise of
3.1 million barrels.
Refinery use is seen to have fallen 0.3 percentage point to
94.8% of capacity, based on EIA data. Nine analysts expect a
decline, two expect no change and two didn't provide an estimate.
Forecasts range from unchanged to a drop of 0.5 point.
The American Petroleum Institute, an industry group, said late
on Tuesday that its own data for the same week showed a
2.4-million-barrel draw in crude-oil supplies, according to a
source. The group said gasoline supplies fell 946,000 barrels, the
source said. API said U.S. distillate stocks increased 1.7 million
barrels in the week, according to the source.
Crude Gasoline Distillates Refinery Use
Again Capital -2.2 0.9 3.1 -0.2
Citi Futures Perspective -2.0 -1.0 1.5 -0.5
Confluence Investment Management -2.5 -1.5 0.5 unch
EBW AnalyticsGroup -3.5 0.5 3.0 -0.1
Energy Management Institute -1.9 -1.0 2.0 -0.3
Excel Futures -2.4 -0.3 1.7 -0.3
Frost & Sullivan 1.5 -2.0 1.5 -0.5
IAF Advisors -1.0 -1.5 1.0 n/a
Price Futures Group -2.0 1.0 2.0 unch
Ritterbusch and Associates 1.0 1.0 1.0 -0.3
Schneider Electric -0.5 -0.5 0.5 -0.1
Tradition Energy -3.0 -2.5 1.5 -0.5
Tyche Capital Advisors -1.5 -1.0 2.0 n/a
AVERAGE -1.5 -0.6 1.6 -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