By Anthony Harrup
U.S. crude oil inventories likely fell for a seventh consecutive week in their longest string of withdrawals in more than two and a half years, according to a survey by The Wall Street Journal.
Commercial crude stocks are expected to have fallen by 1.2 million barrels to 428.1 million barrels in the week ended Aug. 9, according to the average estimate of eight analysts and traders. Six expect a decline in stocks and two predict an increase. Expectations range from a draw of 3.2 million barrels to a build of 2.1 million barrels.
The last time crude inventories declined for seven weeks in a row was between November of 2021 and January of 2022.
Gasoline stocks are expected to have fallen by 1.6 million barrels to 223.5 million barrels, according to the survey, with estimates for a decrease ranging from 1 million barrels to 2.5 million barrels.
Stocks of distillate fuels, mostly diesel, are forecast to be down by 300,000 barrels at 127.5 million barrels. Forecasts range from an increase of 3.5 million barrels to a decline of 2.6 million barrels.
Refinery capacity use is expected to have increased by a tenth of a percentage point to 90.6%, with forecasts ranging from a 0.9 percentage-point increase to a 0.8 percentage point decrease.
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 -2.9 -1.4 -1.1 -0.8
Confluence Investment Management -2.0 -1.0 1.0 0.4
Excel Futures -3.2 -1.4 1.0 0.5
Spartan Capital Securities 2.1 -2.5 3.5 n/f
Mizuho 2.0 -1.0 -0.5 0.3
Price Futures Group -2.0 -2.0 -2.0 -0.5
Ritterbusch and Associates -2.2 -1.1 -1.7 0.9
Tradition Energy -1.1 -2.2 -2.6 n/f
AVERAGE -1.2 -1.6 -0.3 0.1
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
08-13-24 1337ET
