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By Nicole Friedman
NEW YORK--U.S. crude-oil stocks are expected to show a decline
in data due Wednesday from the Department of Energy, according to a
survey of analysts by The Wall Street Journal.
Estimates from 13 analysts surveyed showed that U.S. oil
inventories are projected to have fallen by 1.8 million barrels, on
average, in the week ended July 25.
Eleven analysts expect stockpiles to fall, while another two
expect a rise. Forecasts range from a drop of 4.5 million barrels
to a rise of 1.2 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 rise 800,000 barrels,
according to analysts. Nine analysts expect a gain, while three
expect a decline and one sees no change. Estimates range from a
drop of 3 million barrels to a rise of 3 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 two see a decline. Forecasts range from a drop of 2
million barrels to a gain of 2.2 million barrels.
Refinery use is seen falling 0.2 percentage point to 93.6% of
capacity, based on EIA data. Seven analysts expect a decline, three
expect a rise, two expect no change and one didn't provide an
estimate. Forecasts range from a drop of 1.0 point to a rise of 0.5
point.
The American Petroleum Institute, an industry group, said late
Tuesday that its own data for the same week showed a
4.4-million-barrel decline in crude stocks, according to industry
sources. The group also said that gasoline supplies rose by 60,000
barrels and distillate stocks gained by about 500,000 barrels,
according to the sources.
Crude Gasoline Distillates Refinery Use
Again Capital -0.8 1.8 1.1 -0.2
Citi Futures Perspective -1.0 -0.5 1.5 -1.0
Confluence Investment Management -1.5 unch 1.5 unch
EBW AnalyticsGroup -4.5 -3.0 -2.0 -0.1
Energy Management Institute -1.2 1.7 1.1 0.2
Excel Futures -3.5 3.0 1.3 0.3
IAF Advisors -2.5 1.0 2.0 n/a
Jefferies Bache LLC -3.2 -0.9 1.6 -0.2
Oil Outlooks -2.5 2.0 -1.0 0.5
Price Futures Group -3.0 2.0 2.0 unch
Ritterbusch and Associates 1.0 1.0 2.2 -0.3
Schneider Electric 1.2 1.0 1.2 -0.5
Tradition Energy -2.5 1.5 1.0 -1.0
AVERAGE -1.8 0.8 1.0 -0.2
(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