S&P GSCI GAS OIL INDEX By Paulo Trevisani
U.S. crude oil inventories are expected to have declined last week, while stocks of gasoline were likely stable and distillates are forecast to have increased, according to a survey by The Wall Street Journal.
Commercial crude stockpiles are seen falling by 1.1 million barrels for the week ended May 10, according to the average estimate of 10 analysts and traders. Two expect an increase and eight predict a decline. Expectations range from a decrease of 4 million barrels to an increase of 1.6 million barrels.
Gasoline inventories are expected to remain unchanged, according to the survey, with estimates ranging from a 2 million barrels decline to a 1.6 million barrels increase.
Stocks of distillates, mostly diesel fuel, are expected to increase by around 300,000 with forecasts ranging from a 3 million barrels decline to an increase of 2.3 million barrels.
Refinery capacity use likely edged higher by 0.5 percentage point to 89%. Forecasts range from a 0.5 percentage point decline to an increase of 0.9 percentage point. Two analysts didn't make a forecast.
The inventory data from the U.S. Energy Information Administration is scheduled for release at 10:30 a.m. ET Wednesday.
Crude Gasoline Distillates Refinery Use
Again Capital 1.6 1.1 2.3 0.9
Commodity Research Group -0.6 1.6 0.7 0.7
Confluence Investment Management 1.5 1.0 1.0 0.5
DTN -1.2 0.8 1.2 0.3
Excel Futures -1.7 1.4 0.8 0.8
Spartan Capital Securities -1.2 -0.9 0.5 n/f
Mizuho -2.0 1.0 0.5 0.5
Price Futures Group -2.0 -2.0 -2.0 -0.5
Ritterbusch and Associates -1.5 -2.0 0.7 0.5
Tradition Energy -4.0 -2.0 -3.0 n/f
AVERAGE -1.1 0.0 0.3 0.5
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 Paulo Trevisani at paulo.trevisani@wsj.com
(END) Dow Jones Newswires
05-14-24 1236ET
