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U.S. Crude-Oil Stockpiles Seen Climbing in EIA Data

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02/12/2019 | 12:23pm EST

By Amrith Ramkumar

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

Targets from 11 analysts and traders show domestic inventories are projected to have advanced by 2.1 million barrels, on average, during the week ended Feb. 8.

Stockpiles were 6% above the five-year average during the week ended Feb. 1 and remain elevated after a fall rise that sparked last quarter's price rout.

Ten analysts expect inventories to have climbed last week, while one projects a drop. Estimates range from a drop of 3 million barrels to an increase of 4 million barrels. The closely watched survey from the Energy Information Administration is slated to be released at 10:30 a.m. ET Wednesday.

Gasoline stockpiles are expected to have risen 700,000 barrels, on average. Eight analysts expect an increase, two are targeting a drop and one projects they will be unchanged. Estimates range from a fall of 3 million barrels to an increase of 2.5 million barrels.

Stocks of distillates, which include heating oil and diesel, are projected to fall 1.6 million barrels. All 11 analysts expect a decline. Targets range from a drop of 3 million barrels to a fall of 300,000.

Refinery use is seen falling 0.9 percentage point, to 89.8% of capacity, based on EIA data. Nine analysts expect a decline, one projects a rise and one didn't provide expectations. Forecasts range from a drop of 2.1 percentage points to an increase of 0.5 percentage point.

 
                                   Crude  Gasoline  Distillates  Refinery Use 
Again Capital                      2.6    1.4       -0.9         -0.4 
Citi Futures                       4.0    0.0       -1.0         -1.0 
Commodity Research Group           1.5    1.7       -0.7         -1.7 
Confluence Investment Management   4.0    2.5       -1.5         -1.0 
EMI DTN                            3.2    1.7       -0.3         -0.8 
Excel Futures                      2.6    1.3       -1.8         -2.1 
Mizuho                             2.5    1.0       -3.0         -0.7 
Price Futures Group                -3.0   -3.0      -3.0         -1.0 
Ritterbusch and Associates         2.9    1.0       -0.9         -1.0 
Spartan Capital                    0.7    -1.9      -2.0         N/A 
Tradition Energy                   2.3    1.7       -2.0         0.5 
AVERAGE                            2.1    0.7       -1.6         -0.9 
 

Write to Amrith Ramkumar at amrith.ramkumar@wsj.com

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