U.S. Crude Stocks Seen Down by 500,000 Barrels in Week Ended May 3

By Anthony Harrup

U.S. crude oil inventories likely decreased last week along with stocks of gasoline and diesel, while refineries are expected to have raised their capacity use, according to a survey by The Wall Street Journal.

Commercial crude stocks are seen falling by 500,000 barrels, to 460.4 million barrels, in the week ended May 3, according to the average estimate of 10 analysts and traders. Five expect an increase and five predict a decline, with expectations ranging from a build of 2 million barrels to a drawdown of 3 million barrels.

Gasoline inventories are expected to have fallen by 900,000 barrels, to 226.2 million barrels, according to the survey, with estimates ranging from an increase of 1.8 million barrels to a decline of 3 million barrels.

Stocks of distillate fuels, mostly diesel, are forecast to be down by 700,000 barrels, at 115.2 million barrels. Forecasts for distillates range from a decrease of 3 million barrels to an increase of 1.1 million barrels.

Refinery capacity use likely rose 0.7 percentage point, to 88.2%, according to the survey. Forecasts range from an increase of 1.5 percentage points to a decrease of 0.8 percentage point. Two analysts didn't make a forecast for refinery runs.

The U.S. Energy Information Administration is scheduled to release the inventory data on Wednesday at 10:30 a.m. EDT.

 
                                   Crude   Gasoline Distillates Refinery Use 
   Again Capital                     1.4      1.8      1.1       0.9 
   Commodity Research Group          0.7     -0.9     -0.6       1.1 
   Confluence Investment Management  2.0      0.5      1.0      -0.8 
   DTN                               1.8     -1.0     -1.0       0.5 
   Excel Futures                    -1.4     -1.2     -1.7       1.2 
   Spartan Capital Securities       -2.9     -1.3      0.3       n/f 
   Mizuho                           -2.0     -0.5     -1.0       1.5 
   Price Futures Group              -3.0     -3.0     -3.0       1.0 
   Ritterbusch and Associates       -3.0     -2.0     -0.8       0.5 
   Tradition Energy                  1.7     -1.2     -1.3       n/f 
 
   AVERAGE                          -0.5     -0.9     -0.7       0.7 
 

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 [e-mail]

(END) Dow Jones Newswires

05-07-24 1240ET