U.S. crude-oil stockpiles are expected to have declined from the previous week in data due Wednesday from the Department of Energy, according to a survey by The Wall Street Journal. The average of estimates from eight analysts and traders showed U.S. commercial crude-oil stockpiles are projected to have decreased by 2.4 million barrels for the week ended Aug. 18. Seven of the forecasters are predicting a decrease while one is expecting a week-on-week increase. Expectations range from a decrease of 4 million barrels to an increase of 1.4 million barrels.
The closely watched inventory data from the DOE’s Energy Information Administration is scheduled for release at 10:30 a.m. ET Wednesday. Gasoline inventories are expected to fall by 500,000 barrels from the previous week, according to analysts. Estimates range from a decrease of 3 million barrels to an increase of 1.1 million barrels.
Stocks of distillates, which are mostly diesel fuel, are expected to increase by 200,000 barrels from the previous week. Forecasts range from a decrease of 3 million barrels to an increase of 1.9 million barrels. Refinery use likely climbed by 0.4 percentage point from the previous week to 95.1%. Forecasts range from a decrease of 0.4 percentage point to an increase of 1 percentage point. Two analysts didn’t make a forecast.