By Dan Molinski
U.S. crude-oil stockpiles are expected to have declined from the previous week in data due Thursday from the Energy Department, according to a survey of analysts and traders by The Wall Street Journal.
Estimates from 11 analysts and traders showed U.S. oil inventories are projected to have declined by 1.2 million barrels for the week ended June 17. Nine of the analysts surveyed are expecting a decline, while two forecast an increase. Forecasts range from a decrease of 3.5 million barrels to an increase of 2.4 million barrels.
The closely watched survey from the DOE's Energy Information Administration is scheduled for release at 11 a.m. ET Thursday, a day later than normal due to the Juneteenth holiday.
Gasoline stockpiles are expected to decrease by 800,000 barrels from the previous week, according to analysts. Estimates range from a decrease of 2 million barrels to an increase of 1 million barrels.
Stocks of distillates, which include heating oil and diesel, are expected to rise by 300,000 barrels from the previous week. Forecasts range from a decrease of 2 million barrels to an increase of 1.9 million barrels.
Refinery use likely rose by 0.5 percentage point from the previous week, to 94.2% of capacity. Forecasts range from increases of 0.3 percentage point to 1 percentage point. Two analysts didn't make a forecast.
Refinery Crude Gasoline Distillates Use Again Capital -2.2 0.8 1.7 0.3 Citi Futures -3.5 1 1 0.5 Commodity Research Group 1.1 -0.3 0.7 0.5 Confluence Investment Management -3 -1 unch 0.5 DTN -1 -0.5 0.8 0.4 Excel Futures 2.4 -1.7 -0.8 0.3 Spartan Capital Securities -2.6 -1.4 1.9 n/f Mizuho -2 -1 -0.5 0.5 Price Futures Group -1 -2 -2 1 Ritterbusch and Associates -0.8 -1.5 0.4 0.4 Tradition Energy -0.8 -0.8 0.1 n/f AVERAGE -1.2 -0.8 0.3 0.5
n/f = no forecast
unch = unchanged
Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.
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(END) Dow Jones Newswires