AP: Ahead of the Bell: Drop in crude reserves expected
NEW YORK -- The Energy Department will likely report a 2 million-barrel draw in crude oil reserves on Wednesday for the week ended Dec. 11, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.
The Energy Information Administration releases its weekly report at 10:30 a.m. EST.
Platts also expects gasoline stockpiles to rise by 1.5 million barrels, distillate stocks to decline by 750,000 barrels and refinery utilization to remain unchanged at 81.1 percent.
A reading above or below estimates can influence market trading.
Last Wednesday, the EIA said for the week ended Dec. 4 crude inventories fell by 3.8 million barrels to 336.1 million barrels; gasoline inventories rose by 2.2 million barrels to 216.3 million barrels; and distillate inventories rose by 1.6 million barrels to 167.3 million barrels.