U.S. Crude-Oil Stocks Seen Rising for Fifth Straight Week

By Anthony Harrup

U.S. crude-oil inventories likely increased for a fifth consecutive week with refineries slowly raising their capacity use, according to a survey by The Wall Street Journal.

Commercial crude stockpiles are seen increasing by 500,000 barrels to 460.5 million barrels for the week ended April 19, according to the average estimate of eight analysts and traders. Five expect an increase and three predict a decline. Expectations range from a stock build of 2.3 million barrels to a drawdown of 4 million barrels.

Gasoline inventories are forecast to have decreased by 1.5 million barrels to 225.9 million barrels, according to the survey, with estimates ranging from a draw of 900,000 to 3 million barrels.

Stocks of distillate fuels, mostly diesel, are expected to be down by 1 million barrels at 114 million barrels. Forecasts range from a drop of 3.3 million barrels to a rise of 2.6 million barrels.

Refinery capacity use likely increased by a half percentage point to 88.6%. Forecasts for refinery runs range from a rise of 0.3 to 0.7 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

   Confluence Investment Management  2.0     -1.5        -1.5            0.5 
   DTN                               1.8     -1.4        -0.5            0.5 
   Excel Futures                     2.3     -1.4        -3.3            0.7 
   Spartan Capital Securities       -1.1     -1.4         2.6            n/f 
   Mizuho                            2.0     -1.0        -0.5            0.5 
   Price Futures Group              -1.0     -3.0        -2.0            0.5 
   Ritterbusch and Associates        2.0     -1.3        -0.9            0.3 
   Tradition Energy                 -4.0     -0.9        -1.9            n/f 
 
   AVERAGE                           0.5     -1.5        -1.0            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 [e-mail]

(END) Dow Jones Newswires

04-23-24 1332ET