By Anthony Harrup
U.S. crude oil inventories likely fell for a second consecutive week, while product stocks are seen rising as U.S. refineries increased their capacity use, according to a survey by The Wall Street Journal.
Commercial crude stocks are forecast to have fallen by 1.6 million barrels to 453.1 million barrels for the week ended May 31, according to the average estimate of eight analysts and traders. Seven expect a drop and one predicts an increase in stocks. Expectations range from a decline of 2.8 million barrels to a build of 1.5 million barrels.
Gasoline inventories are expected to increase by 900,000 barrels to 229.7 million barrels, according to the survey, with estimates ranging from a build of 3.1 million barrels to a draw of 3.9 million barrels.
Stocks of distillate fuels, mostly diesel, are expected to have risen by 1.4 million barrels to 120.7 million barrels, with forecasts ranging from an increase of 3.4 million barrels to a decline of 2.3 million barrels.
Refinery capacity use likely edged up by 0.2 percentage point to 94.5%. Forecasts range from an increase of 0.9 percentage point to a decrease of 0.5 percentage point. Two analysts 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. EDT.
Crude Gasoline Distillates Refinery Use
Again Capital -2.6 1.4 3.1 0.4
Confluence Investment Management 1.5 2.5 3.0 0.8
Excel Futures -2.8 2.8 3.0 -0.4
Spartan Capital Securities -1.4 1.6 1.9 n/f
Mizuho -2.0 2.0 1.0 -0.5
Price Futures Group -2.0 -2.0 -2.0 unch
Ritterbusch and Associates -1.8 3.1 3.4 0.9
Tradition Energy -1.9 -3.9 -2.3 n/f
AVERAGE -1.6 0.9 1.4 0.2
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
06-04-24 1322ET
