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Crude Oil Stockpile Can Crash

According to a survey of analysts and traders by The Wall Street Journal, the U.S. crude-oil Stockpile are expected to decrease from the previous week in data due Thursday from the Energy Department. Nearly 11 analysts showed estimation and traders showed U.S. oil inventories are projected to have fallen by 2.3 million barrels in the week ended May 28.

The 11 forecasters were collective in expecting a decline, with expectations ranging from declines of 500,000 barrels to 4 million barrels. The closely watched survey from the DOE’s Energy Information Administration is scheduled for release at 11 a.m, which is a day later than normal due to Monday’s Memorial Day holiday.

Crude Oil Stockpile Can CrashGasoline Stockpile are expected to fall by 1.7 million barrels from the previous week, according to analysts. Estimates range from a decrease of 4.9 million barrels to an increase of 1.5 million barrels. Stocks of distillates, which include heating oil and diesel, are expected to fall by 1.1 million barrels from the previous week. Forecasts range from a decrease of 3.8 million barrels to an increase of 2 million barrels.

Refinery use likely rose by 0.7% point to 87.7% of capacity. Forecasts range from increases of 0.2% point to 1% point. Two analysts didn’t make a forecast. The American Petroleum Institute, an industry group, said late Wednesday that its data for the week showed a 5.4-million-barrel decrease in crude supplies, a 2.5-million-barrel increase in gasoline stocks and a 1.6-million-barrel rise in distillate inventories.

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