U.S. Crude-Oil Stocks Seen Decreasing in DOE Data -- Update
By Stephanie Yang
U.S. crude-oil stocks are expected to show a decrease in data due Wednesday from the Department of Energy, according to a survey of analysts and traders by The Wall Street Journal.
Estimates from 11 analysts and traders surveyed showed U.S. oil inventories are projected to have decreased by 300,000 barrels, on average, in the week ended Sept. 29.
Four analysts expect stockpiles to rise and seven expect them to fall.
Forecasts range from an increase of 2.7 million barrels to a decrease of 3 million barrels.
The closely watched survey from the Energy Information Administration is due at 10:30 a.m. ET Wednesday.
Gasoline stockpiles are expected to show an increase of 1.2 million barrels on average, according to analysts. Ten analysts expect them rise and one expects them to fall. Estimates range from a decline of 1.4 million to an increase of 2.8 million barrels.
Stocks of distillates, which include heating oil and diesel, are expected to fall by 1.8 million barrels. Ten analysts expect a decrease and one expects an increase. Forecasts range from an increase of 500,000 barrels to a fall of 3 million barrels.
Refinery use is seen increasing by 1.1 percentage points to 89.7% of capacity.