By Stephanie Yang
U.S. crude-oil stocks are expected to show an increase in data due Wednesday from the Department of Energy, according to a survey of analysts and traders by The Wall Street Journal.
Estimates from 10 analysts and traders surveyed showed U.S. oil inventories are projected to have increased by 2.1 million barrels, on average, in the week ended Jan. 20.
Eight analysts expect stockpiles to rise and two expect them to fall. Forecasts range from a decrease of 3 million barrels to an increase of 5.5 million barrels.
The closely watched survey from the Energy Information Administration is due at 10:30 a.m. EST Wednesday.
Gasoline stockpiles are expected to show an increase of 300,000 barrels on average, according to analysts. Six analysts expect them to rise and four analysts expect them to fall. Estimates range from a fall of 2.5 million barrels to an increase of 2.7 million barrels.
Stocks of distillates, which include heating oil and diesel, are expected to fall by 1 million barrels. Two analysts expect an increase and eight expect a decrease. Forecasts range from a decline of 3 million barrels to an increase of 2 million barrels.
Refinery use is seen falling 0.7 percentage point to 90% of capacity. Seven analysts expect a decrease, one expects no change and two didn't report expectations. Forecasts range from a decrease of 2 points to no change.
The American Petroleum Institute, an industry group, said late Tuesday that its own data for the week showed a 2.9-million-barrel increase in crude supplies, a 4.8-million-barrel rise in gasoline stocks and a 2-million-barrel increase in distillate inventories, according to a market participant.
Crude Gasoline Distillates Refinery Use
Again Capital 2.9 -0.9 -1.4 -0.3
Citi Futures 3.5 1.5 -2.5 -2
Commodity Research Group 2.5 2.7 0.4 -0.7
Confluence Investment Mgt 3 -0.5 -2 -0.5
Excel Futures 2.7 1.4 -0.3 -0.6
First Standard Financial -0.7 -1.3 -0.3 N/A
Frost & Sullivan 2 1.5 -1.5 -0.5
IAF Advisors 2.5 0.5 -1 N/A
Price Futures Group -3 1 2 0
Ritterbusch and Assoc 5.5 -2.5 -3 -1
AVERAGE 2.1 0.3 -1 -0.7
(END) Dow Jones Newswires
January 24, 2017 17:18 ET (22:18 GMT)
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