US commercial crude-oil stockpiles are expected to have risen from the previous week in data due Wednesday from the Energy Department, according to a survey of analysts and traders by The Wall Street Journal, Report informs referring to the MarketWatch.
Estimates from 10 analysts and traders showed US oil inventories are projected to have increased by 1.7 million barrels for the week ended October 14, with just one analyst forecasting a decline and the other nine predicting an increase. Forecasts range from a decrease of 2 million barrels to an increase of 3 million barrels.
Analysts said the expected increase is partly due to another transfer of crude from the nation's Strategic Petroleum Reserve to the commercial side, as part of a year-long effort by the US government to boost supplies and reduce gasoline prices at the pump.
The closely watched survey from the DOE's Energy Information Administration is scheduled for release at 14:30 (GMT).
Gasoline stockpiles are expected to decrease by 1.4 million barrels from the previous week, according to analysts. Estimates range from a decrease of 3.3 million barrels to an increase of 1.8 million barrels.
Stocks of distillates, which include heating oil and diesel, are expected to fall by 2.2 million barrels from the previous week. Forecasts range from a decrease of 3.7 million barrels to an increase of 500,000 barrels.
Refinery use likely declined by 0.5 percentage point from the previous week to 89.4%. Forecasts range from a 1.5 percentage-point decrease to a 0.5 percentage-point increase. Two analysts didn't make a forecast.
The American Petroleum Institute, an industry group, said on October 18 its data for the week showed a 1.3 million-barrel decrease in crude supplies, a 2.2 million-barrel fall in gasoline stocks and a 1.1 million-barrel decline in distillate inventories, according to a source.