By Anthony Harrup
U.S. crude-oil inventories likely fell for a second consecutive week as refineries continued to increase their capacity use, according to a survey by The Wall Street Journal.
Commercial crude stockpiles are seen falling by 1.2 million barrels to 445.8 million barrels for the week ended March 15, according to the average estimate of eight analysts and traders. Six predict a decline, and two expect an increase. Estimates range from a draw of 3 million barrels to a build of 1 million barrels.
Gasoline inventories are expected to see a seventh straight week of declines, falling by 2.1 million barrels to 232 million barrels, according to the survey, with estimates ranging from a draw of 700,000 barrels to one of 4.1 million barrels.
Stocks of distillates, mostly diesel fuel, are expected to be down by 1.2 million barrels to 116.7 million barrels, with forecasts ranging from an increase of 1.7 million barrels to a decrease of 5.4 million barrels.
Refinery capacity use is forecast to have risen by 0.8 percentage point to 87.6%. Forecasts range from an increase of 1.5 percentage points to a decrease of a half percentage point. Two analysts didn't make a forecast.
The U.S. Energy Information Administration is scheduled to release the inventory data at 10:30 a.m. EST Wednesday.
Crude Gasoline Distillates Refinery Use
Confluence Investment Management 1.0 -1.0 -1.5 1.5
DTN -0.8 -2.2 1.2 1.2
Excel Futures -2.0 -4.1 -1.2 1.4
Spartan Capital Securities -2.4 -0.7 1.7 n/f
Mizuho -1.0 -1.0 -0.5 0.7
Price Futures Group -3.0 -3.0 -3.0 -0.5
Ritterbusch and Associates 1.0 -3.0 -1.0 0.6
Tradition Energy -2.2 -1.5 -5.4 n/f
AVERAGE -1.2 -2.1 -1.2 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
03-19-24 1356ET
