By Anthony Harrup
U.S. crude oil and gasoline inventories are expected to have fallen last week following surprising builds the week before, according to a survey by The Wall Street Journal.
Commercial crude stocks are seen down by 1.1 million barrels at 459.6 million barrels in the week ended June 28, according to the average estimate of eight analysts and traders. Six analysts expect a drawdown and two predict an increase. Expectations range from a decrease of 4.3 million barrels to a build of 3.1 million barrels.
Gasoline inventories are expected to have declined by 1.1 million barrels to 232.8 million barrels, with estimates ranging from a draw of 3.4 million barrels to a build of 1.9 million barrels.
Stocks of distillate fuels, mostly diesel, are forecast to be down by 600,000 barrels at 120.7 million barrels. Estimates range from an increase of 2.1 million barrels to a drop of 3 million barrels.
Refinery capacity use likely edged up by 0.6 percentage point to 92.8%, according to the survey. Forecasts range from an increase of 1.1 percentage points to a decrease of 0.3 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. ET.
Crude Gasoline Distillates Refinery Use
Commodity Research Group -0.1 -1.0 -0.8 0.6
Confluence Investment Management 1.5 -2.0 1.0 0.8
Excel Futures 3.1 1.9 -0.9 1.1
Spartan Capital Securities -2.8 -1.7 2.1 n/f
Mizuho -1.0 1.0 0.5 -0.3
Price Futures Group -3.0 -3.0 -3.0 1.0
Ritterbusch and Associates -1.8 -1.0 -1.4 0.2
Tradition Energy -4.3 -3.4 -2.0 n/f
AVERAGE -1.1 -1.1 -0.6 0.6
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
07-02-24 1306ET
