U.S. Crude Oil Stocks Seen Down for Sixth Consecutive Week

By Anthony Harrup

U.S. crude oil inventories likely extended their run of withdrawals to six weeks with refineries increasing their capacity use for the first time in a month, according to a survey by The Wall Street Journal.

Commercial crude stocks are seen falling by 500,000 barrels to 432.5 million barrels in the week ended Aug. 2, according to the average estimate of nine analysts and traders. Six expect a decrease in stocks and three predict an increase. Expectations range from a draw of 3.5 million barrels to a build of 3.8 million barrels.

Gasoline inventories are expected to be down by 1.3 million barrels at 222.5 million barrels, with estimates ranging from an increase of 1.3 million barrels to a decrease of 3.7 million barrels.

Stocks of distillate fuels, mostly diesel, are forecast to have risen by 500,000 barrels to 127.3 million barrels. Forecasts range from a draw of 2 million barrels to a build of 2.9 million barrels.

Refinery capacity use is seen up by 0.7 percentage point at 90.8%, with estimates ranging from an increase of 1.2 percentage points to a half-point decrease. Two analysts didn't forecast refinery runs.

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                    -1.8      1.3      1.9       1.2 
   Commodity Research Group         -0.3     -1.8      1.1       0.6 
   Confluence Investment Management -3.0     -1.0      1.0       1.0 
   Excel Futures                    -3.5     -3.7      1.1       0.6 
   Spartan Capital Securities        3.8     -1.6      2.9       n/f 
   Mizuho                            1.0     -2.0     -0.5       0.5 
   Price Futures Group              -2.0     -2.0     -2.0      -0.5 
   Ritterbusch and Associates        2.0      1.1     -0.7       1.2 
   Tradition Energy                 -0.9     -1.7     -0.2       n/f 
 
   AVERAGE                          -0.5     -1.3      0.5       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

08-06-24 1237ET