By Anthony Harrup
U.S. crude oil inventories likely fell last week with refineries raising capacity use in the lead-up to Memorial Day, marking the start of the summer driving season, according to a survey by The Wall Street Journal.
Commercial crude oil stocks are seen falling by 600,000 barrels to 442.6 million barrels in the week ended May 23, according to the average estimate of eight analysts and traders. Three expect an increase and five predict a decline. Expectations range from a build of 2.9 million barrels to a draw of 3 million barrels.
Gasoline inventories are expected to be down by 300,000 barrels at 225.2 million barrels, with estimates ranging from a 2 million barrel increase to a 3 million barrel drop.
Stocks of distillate fuels, mostly diesel, are forecast to have risen by 900,000 barrels to 105 million barrels, with forecasts ranging from a build of 2.9 million barrels to a draw of 1 million barrels.
Refinery capacity use likely rose by four-fifths of a percentage point to 91.5% in a sixth straight weekly increase, with forecasts ranging from an increase of 0.3 of a percentage point to a rise of 2 percentage points. One analyst didn't forecast refinery runs.
The inventory data from the U.S. Energy Information Administration is scheduled for release Thursday at noon ET, a day later than usual because of the Memorial Day holiday.
Crude Gasoline Distillates Refinery Use
Commodity Research Group -1.8 -1.0 0.2 0.3
Confluence Investment Management 1.0 2.0 1.5 2.0
Rystad Energy 2.9 0.1 1.0 0.6
Excel Futures 1.8 1.6 0.5 0.5
Spartan Capital Securities -2.6 -1.7 2.9 n/f
Mizuho -2.0 1.0 1.0 0.5
Price Futures Group -3.0 -3.0 -1.0 1.0
Ritterbusch and Associates -1.3 -1.5 1.0 0.5
AVERAGE -0.6 -0.3 0.9 0.8
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
05-28-25 1323ET
