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U.S. crude-oil stockpiles likely declined in latest Energy Department data, analysts say

U.S. crude-oil stockpiles are expected to have decreased from the previous week in data due Thursday from the Energy Department, according to a survey of analysts and traders by The Wall Street Journal.

Estimates from nine analysts and traders showed U.S. oil inventories are projected to have declined by 1.2 million barrels for the week ended July 1. Seven of the analysts surveyed are expecting a decline, while two forecast an increase. Forecasts range from a decrease of 4 million barrels to an increase of 3.1 million barrels.

The closely watched survey from the DOE’s Energy Information Administration is scheduled for release at 11 a.m. ET Thursday. The release usually comes on Wednesday, but was delayed this week because of Monday’s July 4th holiday.

Gasoline stockpiles are expected to have fallen by 500,000 barrels from the previous week, according to analysts. Estimates range from a decrease of 3.5 million barrels to an increase of 2 million barrels.

Stocks of distillates, which include heating oil and diesel, are expected to rise by 1.1 million barrels from the previous week. Forecasts range from a decrease of 500,000 barrels to an increase of 3.8 million barrels.

Refinery use likely rose by 0.2 percentage point from the previous week. Forecasts range from an increase of 0.5 percentage point to a decrease of 0.4 percentage point. Two analysts didn’t make a forecast.

The American Petroleum Institute, an industry group, said late Wednesday that its own data for the week showed a 3.8-million-barrel increase in crude supplies, a 1.8-million-barrel decrease in gasoline stocks and a 600,000-barrel decrease in distillate inventories, according to a source.

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