By Anthony Harrup
U.S. crude oil inventories likely fell last week with no change in gasoline stocks as refineries reduced their capacity use after five straight weeks of increases, according to a survey by The Wall Street Journal.
Commercial crude stocks are expected to have fallen by 1.2 million barrels to 454.7 million barrels for the week ended June 7, according to the average estimate of nine analysts and traders. Seven expect a drop in stocks and two predict an increase. Expectations range from a withdrawal of 3 million barrels to a build of 1.9 million barrels.
Gasoline inventories are seen steady on average at 230.9 million barrels, with forecasts ranging from an increase of 1.8 million barrels to a withdrawal of 2.7 million barrels.
Stocks of distillate fuels, mostly diesel, are seen rising by 900,000 barrels to 123.4 million barrels. Forecasts range from a build of 3 million barrels to a drawdown of 2.2 million barrels.
Refinery capacity use likely edged down 0.3 percentage point to 95.1%, according to the survey. Forecasts range from an increase of 0.3 percentage point to a decrease of 0.8 percentage point. 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 -1.6 1.8 2.6 0.3
Commodity Research Group -3.0 1.5 1.0 -0.4
Confluence Investment Management -1.5 -0.5 3.0 -0.8
Excel Futures 1.9 1.6 2.1 -0.5
Spartan Capital Securities -2.3 -1.7 1.5 n/f
Mizuho -1.0 1.0 1.5 -0.4
Price Futures Group -2.0 -2.0 -2.0 unch
Ritterbusch and Associates 1.0 1.0 0.6 -0.1
Tradition Energy -1.9 -2.7 -2.2 n/f
AVERAGE -1.2 unch 0.9 -0.3
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
06-11-24 1209ET
