By Anthony Harrup
U.S. crude oil and products stocks are expected to have decreased last week, with refineries further raising their capacity use, according to a survey by The Wall Street Journal.
Commercial crude stockpiles are seen down by 1.2 million barrels at 447 million barrels for the week ended March 29, according to the average estimate of nine analysts and traders. One analyst predicts an increase and eight see a withdrawal. Expectations range from a draw of 2.4 million barrels to a build of 3 million barrels.
Gasoline inventories are expected to have decreased by 900,000 barrels to 231.2 million barrels, with estimates ranging from an increase of 1.5 million barrels to a drawdown of 2.6 million barrels.
Stocks of distillate fuels, mostly diesel, are forecast to have fallen by 300,000 barrels to 117 million barrels, with estimates ranging from an increase of 1 million barrels to a drop of 2 million barrels.
Refinery capacity use likely rose by 0.4 percentage point to 89.2%. Forecasts range from an increase of 1.1 percentage points to a decrease of a half percentage point. One analyst didn't make a forecast.
The inventory data from the U.S. Energy Information Administration is scheduled for release Wednesday at 10:30 a.m. ET.
Crude Gasoline Distillates Refinery Use
Again Capital -2.4 -1.9 -1.2 0.9
Commodity Research Group -1.8 0.1 0.4 0.3
Confluence Investment Management 3.0 1.5 -1.0 -0.5
DTN -1.5 1.0 1.0 0.6
Excel Futures -1.8 -2.4 -1.7 1.1
Spartan Capital Securities -1.4 -2.6 1.0 n/f
Mizuho -1.0 0.5 1.0 0.8
Price Futures Group -2.0 -2.0 -2.0 unch
Ritterbusch and Associates -2.3 -2.0 -0.4 0.3
AVERAGE -1.2 -0.9 -0.3 0.4
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
04-02-24 1151ET
