By Anthony Harrup
U.S. crude oil inventories likely increased last week in a fourth consecutive weekly build, according to a survey by The Wall Street Journal.
Commercial crude stockpiles are expected to have risen by 600,000 barrels to 457.9 million barrels for the week ended April 12, according to the average estimate of nine analysts and traders. Six expect an increase and three predict a decline. Expectations range from a stock build of 3.3 million barrels to a draw of 2.8 million.
Gasoline inventories are expected to have decreased by 1 million barrels to 227.5 million barrels, according to the survey, with estimates ranging from a draw of 500,000 barrels to one of 1.6 million barrels.
Stocks of distillate fuels, mostly diesel, are forecast to be down by 400,000 barrels at 117.3 million barrels. Estimates range from an increase of 1.2 million barrels to a decrease of 2.8 million barrels.
Refinery capacity use likely rose by 0.6 percentage point to 88.9%. Forecasts range from an increase of 1.3 percentage points to a half percentage point decline. One analyst didn't make a forecast.
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 2.3 -1.6 -1.1 1.3
Commodity Research Group 0.5 -0.5 -0.8 0.6
Confluence Investment Management 2.5 -1.0 -1.0 -0.5
DTN 1.8 -1.4 1.2 0.5
Excel Futures 3.3 -1.0 1.2 0.9
Spartan Capital Securities -2.8 -1.4 0.5 n/f
Mizuho 1.0 -0.5 0.5 0.5
Price Futures Group -1.0 -1.0 -1.0 0.5
Ritterbusch and Associates -2.2 -0.5 -2.8 0.6
AVERAGE 0.6 -1.0 -0.4 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
04-16-24 1109ET
