By Anthony Harrup
U.S. crude oil and gasoline inventories likely decreased for a second consecutive week as travel over the July 4 holiday period drove demand for fuel.
Commercial crude stocks are seen falling by 1.1 million barrels, to 447.4 million barrels, for the week ended July 5, according to the average estimate of seven analysts and traders surveyed by The Wall Street Journal. Four expect a decline in stocks and three predict an increase. Estimates range from a drawdown of 4.5 million barrels to a build of 2 million barrels.
Gasoline inventories are expected to be down by 1.4 million barrels, at 230.3 million barrels, according to the survey, with estimates ranging from a 3 million barrel draw to a 500,000 barrel increase.
Stocks of distillate fuels, mostly diesel, are seen rising by 200,000 barrels, to 119.9 million barrels. Distillate forecasts range from a decrease of 3 million barrels to an increase of 2.4 million barrels.
Refinery capacity use is expected to be unchanged, at 93.5%, with estimates ranging from a 0.8 percentage point decrease to a 1 percentage point increase. 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. EDT.
Crude Gasoline Distillates Refinery Use
Again Capital 1.9 -2.6 -1.4 -0.8
Commodity Research Group 1.0 -1.0 0.5 -0.5
Confluence Investment Management 2.0 0.5 1.5 -0.1
Spartan Capital Securities -2.6 -1.0 1.7 n/f
Price Futures Group -3.0 -3.0 -3.0 1.0
Ritterbusch and Associates -2.5 -0.8 2.4 0.2
Tradition Energy -4.5 -1.9 -0.5 n/f
AVERAGE -1.1 -1.4 0.2 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
07-09-24 1235ET
