By Anthony Harrup
The decline in U.S. crude-oil inventories likely extended to eight weeks in a row, with further builds expected last week for product stocks, according to a survey by The Wall Street Journal.
Commercial crude stockpiles are estimated to have fallen by 1.1 million barrels to 413.5 million barrels in the week ended Jan. 10, according to the average forecast of 10 analysts and traders. Seven expect a drop and three predict an increase. Forecasts range from a build of 2.2 million barrels to a withdrawal of 3.5 million barrels.
Gasoline inventories are seen up by 1.9 million barrels at 239.6 million barrels, rising for a ninth consecutive week, with estimates ranging from a build of 5 million barrels to a draw of 2 million barrels.
Stocks of distillate fuels, mostly diesel, are estimated to have risen by 100,000 barrels to 129 million barrels. Forecasts for distillates range from an increase of 4.8 million barrels to a decrease of 2.8 million barrels.
Refinery capacity use likely fell to 92.5% from 93.3% the week before, according to the survey, with forecasts ranging from a half percentage-point to 1.6 percentage-point decline. Two analysts didn't forecast refinery runs.
The inventory data from the Energy Information Administration is scheduled for release Wednesday at 10:30 a.m. EST.
Crude Gasoline Distillates Refinery Use Again Capital -1.4 2.6 1.8 -0.8 Commodity Research Group -0.3 2.6 -1.2 -0.5 Confluence Investment Management 1.0 2.5 2.0 -0.5 Rystad Energy -2.0 2.7 0.9 -1.6 Excel Futures 2.2 5.0 4.8 -1.4 Spartan Capital Securities -1.5 1.3 -2.8 n/f Mizuho 1.0 1.5 1.0 -0.5 Price Futures Group -3.5 -2.0 -2.5 -0.5 Ritterbusch and Associates -3.5 3.4 -1.0 -0.7 Tradition Energy -2.5 -1.0 -1.5 n/f AVERAGE -1.1 1.9 0.1 -0.8
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
01-14-25 1248ET