U.S. Crude Oil Stocks Seen Lower in Week Ended Jan. 5

By Anthony Harrup

U.S. crude-oil inventories likely fell in the first week of January, while gasoline and distillates stocks are seen adding to the previous week's heavy builds, according to a survey by The Wall Street Journal.

A draw of 600,000 barrels to 430.5 million barrels is forecast for commercial crude stockpiles in the week ended Jan. 5, according to the average estimate of 10 analysts and traders. Four expect an increase and six foresee a decline. Expectations range from a build of 2.1 million barrels to a draw of 3 million barrels.

Gasoline inventories are expected to increase by 2.1 million barrels to 239.1 million. Estimates range from a 5 million-barrel build to a 1 million-barrel withdrawal.

Stocks of distillates, mostly diesel fuel, are forecast to rise by 1 million barrels to 126.9 million barrels, with forecasts ranging from an increase of 4.2 million barrels to a decline of 3.1 million barrels.

Refinery capacity use likely eased by 0.8 percentage point, to 92.7%, according to the survey. Forecasts range from a decrease of 0.4 percentage point to 2 percentage points. Two analysts made no forecast for refinery runs.

The U.S. Energy Information Administration is scheduled to release its inventories report at 10:30 a.m. EST Wednesday.

                                   Crude  Gasoline Distillates Refinery Use 
   Again Capital                    -2.6      1.9      2.4     -0.8 
   Commodity Research Group          0.7     -0.3     -2.8     -0.4 
   Confluence Investment Management  1.6      4.0      4.2     -2.0 
   DTN                              -1.2      2.2      1.0     -0.4 
   Excel Futures                     2.1      1.9      1.6     -0.5 
   Spartan Capital Securities        1.9      2.8     -3.1      n/f 
   Mizuho                           -2.0      3.0      2.0     -0.5 
   Price Futures Group              -1.0     -1.0     -1.0     -1.0 
   Ritterbusch and Associates       -3.0      5.0      4.0     -1.0 
   Tradition Energy                 -2.2      1.8      1.3      n/f 
   AVERAGE                          -0.6      2.1      1.0     -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 [e-mail]

(END) Dow Jones Newswires

01-09-24 1222ET