By Anthony Harrup
U.S. crude oil inventories likely increased last week, while gasoline and distillates stocks are expected to have fallen, according to a survey by The Wall Street Journal.
Commercial crude stockpiles are forecast to have risen by 800,000 barrels to 452.2 million barrels in the week ended April 5, according to the average estimate of nine analysts and traders. Expectations range from a stock build of 3.5 million barrels to a drawdown of 3 million barrels, with five analysts predicting an increase and four a decline.
Gasoline inventories are expected to have fallen by 1.4 million barrels to 226.4 million barrels, according to the survey, with estimates ranging from a build of a 1.1 million barrels to a draw of 3.6 million barrels.
Stocks of distillate fuels, mostly diesel, are forecast to have decreased by 600,000 barrels to 115.5 million barrels, with forecasts ranging from an increase of 2.4 million barrels to a decline of 3 million barrels.
Refinery capacity use is seen rising by a half percentage point to 89.1%. Forecasts range from an increase of 1.2 percentage points to a drop of 0.5 percentage point. One analyst didn't make a forecast.
The inventory data from the U.S. Energy Information Administration is scheduled for release at 10:30 a.m. EDT Wednesday.
Crude Gasoline Distillates Refinery Use
Again Capital 1.8 -2.6 -1.4 0.9
Commodity Research Group -0.2 -0.8 0.4 0.5
Confluence Investment Management 3.5 -2.0 -1.5 -0.5
DTN 1.8 -1.5 -1.0 0.5
Excel Futures 3.0 -3.6 -1.4 1.2
Spartan Capital Securities -0.7 -1.4 2.4 n/f
Mizuho -1.0 1.0 1.0 0.5
Price Futures Group -3.0 -3.0 -3.0 0.5
Ritterbusch and Associates 1.7 1.1 -1.0 0.5
AVERAGE 0.8 -1.4 -0.6 0.5
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
04-09-24 1219ET
