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U.S. Crude-Oil Stocks Seen Falling in DOE Data

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07/10/2018 | 11:24pm CEST

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By Stephanie Yang

U.S. crude-oil stocks are expected to fall in data due Wednesday from the Department of Energy, according to a survey of analysts and traders by The Wall Street Journal.

Estimates from 12 analysts and traders surveyed showed U.S. oil inventories are projected to have fallen by 3.6 million barrels, on average, in the week ended July 6.

Eleven analysts expect stockpiles to fall and one expects them to rise. Forecasts range from a decrease of 8 million barrels to an increase of 2.1 million barrels.

The closely watched survey from the Energy Information Administration is scheduled for release at 10:30 a.m. EDT Wednesday.

Gasoline stockpiles are expected to fall by 800,000 barrels on average, according to analysts. Two analysts expect them to rise and 10 expect them to fall. Estimates range from a decline of 2.2 million barrels to an increase of 1.2 million barrels.

Stocks of distillates, which include heating oil and diesel, are expected to rise by 800,000 barrels. Eight analysts expect an increase and three expect a decrease. One expects no change. Forecasts range from a decline of 1 million barrels to an increase of 2.4 million.

Refinery use is seen falling 0.1 percentage point to 97% of capacity. Four analysts expect an increase, five expect a decrease and one expects no change. Two didn't report expectations. Forecasts range from a drop of 0.6 point to an increase of 0.5 point.

The American Petroleum Institute, an industry group, said late Tuesday its data for the week showed a 6.8 million-barrel decrease in crude supplies, a 1.6 million-barrel decrease in gasoline stocks and a 2 million-barrel increase in distillate inventories, according to a market participant.

 
                                       Crude     Gasoline      Distillates      Refinery Use 
 
Again Capital                          -3.7        -1.7            2.1               0.3 
Citi Futures                           -3.5        -1              1                -0.5 
Commodity Research Group               -4.5        -0.5            0.7               0 
Confluence Investment Management       -5          -1              2                 0.5 
Energy Management Institute            -3.6        -1              1.4              -0.2 
Excel Futures                           2.1        -2.2           -0.9              -0.6 
Spartan Capital Securities             -4           0.6           -1                 N/A 
IAF Advisors                           -8          -1              0                 N/A 
Mizuho                                 -1.5        -1.5           -0.5              -0.1 
Price Futures Group                    -3.5        -1              1                -0.5 
Ritterbusch and Associates             -4.9         1.2            2.4               0.2 
Tradition Energy                       -2.5        -1              1.2               0.2 
 
AVERAGE                                -3.6        -0.8            0.8              -0.1 
 

Write to Stephanie Yang at [email protected]

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