By Anthony Harrup
U.S. crude-oil inventories likely fell last week while gasoline and distillate stocks are expected to have added to recent hefty builds, according to a survey by The Wall Street Journal.
Commercial crude stockpiles are seen falling by 900,000 barrels for the week ended Jan. 12 to 431.5 million barrels, according to the average estimate of 10 analysts and traders. Estimates range from a draw of 3.5 million barrels to a build of 2.7 million barrels. Four predict an increase and six foresee a decrease in stocks.
Gasoline inventories, which saw unexpectedly large increases the previous two weeks, are forecast to rise by a further 2.5 million barrels to 247.5 million barrels, according to the survey. Estimates range from a build of 5 million barrels to a withdrawal of 2 million barrels.
Stocks of distillates, mostly diesel fuel, are expected to increase by 600,000 barrels to 133 million barrels, with forecasts ranging from a 3.5 million-barrel build to a 2.7 million-barrel draw.
Refinery capacity use likely fell by 0.6 percentage point to 92.3%. Forecasts range from unchanged to a decline of 1.1 percentage points. Two analysts didn't make a forecast.
The inventory data from the U.S. Energy Information Administration is scheduled for release Thursday at 11 a.m. ET.
Crude Gasoline Distillates Refinery Use
Again Capital -2.8 1.8 2.3 -0.8
Commodity Research Group 0.3 4.1 1.8 -0.6
Confluence Investment Management 1.2 2.0 3.5 -0.5
DTN -2.4 1.8 1.2 -0.5
Excel Futures 2.7 3.2 -1.5 -1.1
Spartan Capital Securities 1.3 2.9 -2.7 n/f
Mizuho -2.0 3.0 2.0 -0.5
Price Futures Group -2.0 -2.0 -2.0 unch
Ritterbusch and Associates -3.5 3.0 -1.5 -0.7
Tradition Energy -1.8 5.0 3.0 n/f
AVERAGE -0.9 2.5 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
01-17-24 1159ET
