By Anthony Harrup
U.S. crude oil inventories are expected to have fallen last week along with declines in product stocks as refineries ran at a steady rate, according to a survey by The Wall Street Journal.
Commercial crude stocks are seen down by 2.3 million barrels at 454.8 million barrels in the week ended June 21, according to the average estimate of nine analysts and traders. Expectations range from a draw of 1 million barrels to a draw of 4 million barrels.
Gasoline inventories are expected to have decreased by 1.2 million barrels to 230 million barrels in a second consecutive weekly decline. Estimates for gasoline stocks range from a reduction of 2.2 million barrels to an increase of 100,000 barrels.
Stocks of distillate fuels, mostly diesel, are forecast to be down by 300,000 barrels at 121.3 million barrels, with forecasts ranging from a drop of 2 million barrels to a rise of 1.5 million barrels.
Refinery capacity use is seen unchanged at 93.5%. Estimates range from an increase of 1 percentage point to a decrease of 0.6 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. ET.
Crude Gasoline Distillates Refinery Use
Again Capital -1.8 -1.9 -1.1 -0.6
Commodity Research Group -2.0 0.1 0.3 -0.2
Confluence Investment Management -3.0 -1.5 0.5 -0.6
Excel Futures -3.0 -1.6 -1.5 0.8
Spartan Capital Securities -1.0 -2.2 0.2 n/f
Mizuho -1.0 -0.5 0.5 -0.5
Price Futures Group -3.0 -1.0 -2.0 1.0
Ritterbusch and Associates -4.0 -1.1 1.5 0.2
Tradition Energy -2.2 -0.7 -0.8 n/f
AVERAGE -2.3 -1.2 -0.3 unch
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
06-25-24 1147ET
