By Anthony Harrup
U.S. crude oil inventories likely decreased for a third straight week as refineries continued to raise their capacity use, according to a survey by The Wall Street Journal.
Commercial crude stockpiles are estimated to have fallen by 1.2 million barrels, to 443.8 million barrels, for the week ended March 22, according to the average estimate of nine analysts and traders. Eight expect stocks to have fallen and one predicts a rise. Expectations range from a draw of 2.7 million barrels to a build of 1.8 million barrels.
An eighth consecutive weekly drawdown in gasoline is expected, with inventories seen falling by 1.7 million barrels, to 229.1 million barrels. Gasoline estimates range from a decrease of 900,000 barrels to a drop of 2.7 million barrels.
Stocks of distillate fuels, mostly diesel, are expected to be up by 100,000 barrels, at 118.6 million barrels, with forecasts ranging from a build of 1.6 million barrels to a draw of 2.4 million barrels.
Refinery capacity use is predicted to have increased by a half percentage point, to 88.3%, with forecasts ranging from a rise of 1.2 percentage points to a drop of 1 percentage point. Two analysts didn't forecast refinery runs.
The U.S. Energy Information Administration is scheduled to release the inventory data on Wednesday at 10:30 a.m. EST.
Crude Gasoline Distillates Refinery Use
Again Capital 1.8 -1.7 -0.9 0.8
Confluence Investment Management -1.0 -2.0 1.0 -0.5
DTN -1.4 -1.8 1.2 1.2
Excel Futures -2.3 -2.7 1.1 1.2
Spartan Capital Securities -2.6 -1.7 1.6 n/f
Mizuho -1.0 -1.5 1.0 0.7
Price Futures Group -1.0 -1.0 -1.0 -1.0
Ritterbusch and Associates -1.0 -0.9 -0.5 0.9
Tradition Energy -2.7 -2.3 -2.4 n/f
AVERAGE -1.2 -1.7 0.1 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
03-26-24 1339ET
