According to a survey by The Wall Street Journal, US crude-oil stockpiles are expected to have fallen from the previous week, based on data due Wednesday from the Department of Energy.
Forecasts and Expectations
The average of estimates from nine analysts and traders showed that US commercial crude-oil stockpiles are projected to have decreased by 1.7 million barrels for the week ended Aug. 11. Eight forecasters are predicting a decrease, while one expects a week-on-week increase. Expectations range from a decrease of 3.7 million barrels to an increase of 2.5 million barrels.
Gasoline inventories are also expected to fall by 1.2 million barrels from the previous week, according to analysts. Estimates range from a decrease of 3 million barrels to an increase of 100,000 barrels.
Stocks of distillates, mainly diesel fuel, are expected to decrease by 100,000 barrels from the previous week. Forecasts range from a decrease of 3 million barrels to an increase of 2.9 million barrels.
Refinery Use
Refinery use is likely to climb by 0.3 percentage points from the previous week to 94.1%. Forecasts range from a decrease of 0.6 percentage points to an increase of 1 percentage point. Two analysts did not provide a forecast.
Conclusion
The closely watched inventory data from the DOE's Energy Information Administration is scheduled for release at 10:30 a.m. ET Wednesday.
Note: Numbers in millions of barrels, except for refinery use, which is in percentage points.
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