By Anthony Harrup
U.S. crude oil inventories likely fell for a fourth consecutive week, and gasoline stocks are expected to have declined after a surprise build the previous week, according to a survey by The Wall Street Journal.
Commercial crude stocks are estimated to have decreased by 1.2 million barrels, to 439 million barrels, in the week ended July 19, according to the average estimate of nine analysts and traders. Six expect a withdrawal and three predict a stock build. Expectations range from a decrease of 3.6 million barrels to an increase of 2.2 million barrels.
Gasoline inventories are expected to be down by 700,000 barrels, at 232.3 million barrels, with estimates ranging from a withdrawal of 2.8 million barrels to a build of 2.5 million barrels.
Stocks of distillate fuels, mostly diesel, are seen up by 1.1 million barrels, to 129.2 million barrels. Forecasts range from a decrease of 2 million barrels to an increase of 3.6 million barrels.
Refinery capacity use likely declined by a half percentage point, to 93.2%, with forecasts ranging from a 1.8 percentage point decrease to a 0.9 percentage point increase. Two analysts didn't forecast refinery runs.
The inventory data from the U.S. Energy Information Administration is scheduled for release Wednesday at 10:30 a.m. EDT.
Crude Gasoline Distillates Refinery Use
Again Capital 2.2 -1.6 -1.9 -1.8
Commodity Research Group -3.6 1.4 3.0 -0.5
Confluence Investment Management -2.0 -0.5 -0.5 -0.7
Excel Futures -2.8 2.5 2.7 -0.9
Spartan Capital Securities 1.6 -2.7 3.6 n/f
Mizuho 2.0 1.0 1.0 -0.2
Price Futures Group -3.0 -2.0 -2.0 unch
Ritterbusch and Associates -2.1 -2.0 1.0 0.9
Tradition Energy -3.3 -2.8 3.1 n/f
AVERAGE -1.2 -0.7 1.1 -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
07-23-24 1229ET
