Estimates from 11 analysts and traders showed U.S. oil inventories are projected to fall by 1.6 million barrels for the week ended April 1. Nine of the analysts forecast a decrease, while two predicted an increase. Forecasts range from a decrease of 3.5 million barrels to an increase of 1.5 million barrels.
The closely watched survey from the DOE’s Energy Information Administration is scheduled for release at 10:30 a.m. ET Wednesday.
Gasoline stockpiles are expected to fall by 200,000 barrels from the previous week, according to analysts. Estimates range from a decrease of 2.9 million barrels to an increase of 1.5 million barrels.
Stocks of distillates, which include heating oil and diesel, are expected to decrease by 200,000 barrels from the previous week. Forecasts range from a decrease of 2.5 million barrels to an increase of 2.3 million barrels.
Refinery use likely rose by 0.3 percentage point from the previous week, to 92.4% of capacity. Forecasts range from a decrease of 0.5 percentage point to an increase of 0.6 percentage point. Two analysts didn’t make a forecast.
The American Petroleum Institute, an industry group, said late Tuesday that its own data for the week showed a 1.1-million-barrel increase in crude supplies, a 543,000-barrel fall in gasoline stocks and a 593,000-barrel rise in distillate inventories, according to a source.
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