Ahead of the Bell: Drop in oil reserves expected

The Energy Department will likely report a 1.5 million-barrel drop in crude oil reserves on Wednesday for the week ended May 15, 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. EDT.

Platts also expects gasoline stockpiles to fall by 1.7 million barrels, distillate stocks to rise by 1.3 million barrels and refinery capacity to remain at 83.7 percent.