By Anthony Harrup
U.S. crude-oil inventories were likely unchanged last week after six consecutive weeks of increases as refineries stepped up capacity use, according to a survey by The Wall Street Journal.
Commercial crude-oil stocks are seen at 448.5 million barrels as of March 8, unchanged from the week before, according to the average estimate of nine analysts and traders. Five expect an increase and four predict a decline in stocks. Expectations range from a build of 2.1 million barrels to a draw of 2.1 million barrels.
Gasoline inventories are expected to decline for a sixth straight week, falling by 1.2 million barrels to 238.5 million barrels, according to the survey. Estimates range from a build of 2.6 million barrels to a draw of 3.2 million barrels.
Stocks of distillates, mostly diesel fuel, are estimated to have decreased by 600,000 barrels to 116.4 million barrels. Forecasts range from a decline of 2.7 million barrels to a build of 2.2 million barrels.
Refinery capacity use is seen rising by 0.9 percentage point to 85.8%. Forecasts range from an increase of 2 percentage points to a half percentage-point decrease. Two analysts didn't make a forecast.
The U.S. Energy Information Administration is scheduled to release the inventory data on Wednesday at 10:30 a.m. EDT.
Crude Gasoline Distillates Refinery Use
Again Capital 1.8 -2.4 -1.3 0.8
Commodity Research Group 2.1 -3.2 -1.1 0.5
Confluence Investment Management 1.0 -3.0 -1.0 2.0
DTN 0.8 -1.2 1.8 1.1
Excel Futures -2.1 1.9 2.2 1.7
Spartan Capital Securities -1.3 2.6 -0.6 n/f
Mizuho 1.0 -1.0 -1.0 0.6
Price Futures Group -2.0 -2.0 -2.0 -0.5
Tradition Energy -1.1 -2.3 -2.7 n/f
AVERAGE unch -1.2 -0.6 0.9
Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.
n/f = no forecast
unch = unchanged
Write to Anthony Harrup at anthony.harrup@wsj.com
(END) Dow Jones Newswires
03-12-24 1244ET
