U.S. Crude-Oil Stockpiles Estimated to Decrease

According to a recent survey by The Wall Street Journal, U.S. crude-oil stockpiles are expected to have fallen from the previous week. The survey, which included estimates from 10 analysts and traders, projected a decrease of 2.2 million barrels for the week ending July 21. Almost all forecasters predicted a decrease, with just one forecasting an increase. Projections range from a decrease of 5.5 million barrels to an increase of 1.6 million barrels.

The Department of Energy’s Energy Information Administration is scheduled to release the closely watched inventory data at 10:30 a.m. ET on Wednesday.

Gasoline Inventories Expected to Decline

Analysts predict a decrease of 1.7 million barrels in gasoline inventories compared to the previous week. Estimates range from a decrease of 1 million barrels to 3 million barrels.

Decline in Stocks of Distillates Anticipated

The survey shows an expected decline of 600,000 barrels in stocks of distillates, primarily diesel fuel, from the previous week. Forecasts range from a decrease of 4.5 million barrels to an increase of 1.7 million barrels.

Rise in Refinery Use

Refinery use is expected to have risen by 0.1 percentage point from the previous week to 94.4%. Forecasts range from a decrease of 0.9 percentage point to an increase of 1 percentage point. Two analysts did not make a forecast.

Crude | Gasoline | Distillates | Refinery Use ——–|———–|————-|————– -2.9 | -1.8 | -2.1 | -0.4 -2 | -1 | -0.2 | -0.9 -2.5 | -1 | 0.5 | unchanged -1.2 | -2.2 | 0.8 | 0.3 -1.4 | -1.7 | -0.6 | 0.4 1.6 | -1.1 | 0.8 | n/f -1 | -1 | 0.5 | 0.3 -3 | -3 | -3 | 1 -3.7 | -1.5 | 1.7 | -0.2 -5.5 | -2.5 | -4.5 | n/f AVG -2.2|-1.7 |-0.6 |0.1

n/f = no forecast

unch = unchanged

Note: Numbers are in millions of barrels, except for refinery use, which is in percentage points.