U.S. crude stocks expected to rise
NEW YORK (MarketWatch) -- U.S. weekly oil data are expected to show crude-oil stocks increased last week while refiners modestly increased operations.
According to preliminary estimates from six analysts surveyed by Dow Jones Newswires, U.S. crude-oil inventories rose by 2.3 million barrels in the week ended March 23. Five of six analysts expect a rise, while other expects a drop. Forecasts range from a drop of 1 million to a build of 3.5 million barrels.
The closely watched government survey from the Energy Information Administration is due at 10:30 a.m. EDT Wednesday.
Gasoline stocks are expected to fall by 1.7 million barrels. All analysts expect a drop, with forecasts calling for declines of 1 million to 2.1 million barrels.
Distillate stocks, comprising heating oil and diesel fuel, are expected to fall by 300,000 barrels. Four analysts expect a decline, with two expecting a rise. Estimates range from a rise of 700,000 barrels to a decline of 1.5 million barrels.
Refiners are expected to lift operations by 0.3 percentage point from the 82.2% of capacity reported a week earlier by the EIA. Three analysts expect a rise, while two expect a decline and one didn't provide a refinery operations forecast. The range of estimates runs from a drop of 0.5 percentage point to a rise of one point.
The American Petroleum Institute, an industry group, is set to release its survey for the same period at 4:30 p.m. EDT Tuesday.