By Anthony Harrup
U.S. crude oil inventories are expected to have decreased for a second consecutive week, along with a draw on gasoline stocks, according to a survey by The Wall Street Journal.
Commercial crude stockpiles are projected to have fallen by 1.5 million barrels to 452.1 million barrels in the week ended April 26, according to the average estimate of nine analysts and traders. Six expect a drawdown and three predict a build in stocks. Expectations range from an increase of 1.5 million barrels to a decrease of 4.6 million barrels.
Gasoline inventories are expected to be down by 1.2 million barrels at 225.5 million barrels, according to the survey, with estimates ranging from a drawdown of 600,000 barrels to one of 2.2 million barrels.
Stocks of distillate fuels, mostly diesel, are seen rising by 400,000 barrels to 117 million barrels, with forecasts ranging from a drop of 2 million barrels to an increase of 2.4 million barrels.
Refinery capacity use is projected to be up by a half percentage point at 89%. Estimates range from an increase of 0.2 percentage point to an increase of 0.8 percentage point. Two analysts didn't make a forecast.
The U.S. Energy Information Administration is due to release the inventory data on Wednesday at 10:30 a.m. EDT.
Crude Gasoline Distillates Refinery Use
Again Capital -2.4 -1.6 1.1 0.8
Confluence Investment Management 1.5 -1.5 1.0 0.5
DTN 1.5 -2.2 0.5 0.5
Excel Futures -4.6 -1.0 1.4 0.6
Spartan Capital Securities -1.7 -1.1 2.4 n/f
Mizuho -2.0 -1.0 1.0 0.5
Price Futures Group -3.0 -1.0 -2.0 0.5
Ritterbusch and Associates 1.5 -0.6 -1.5 0.2
Tradition Energy -4.0 -1.0 -0.3 n/f
AVERAGE -1.5 -1.2 0.4 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
04-30-24 1321ET
