By Anthony Harrup
U.S. crude-oil inventories likely increased for a sixth consecutive week, with refinery capacity use recovering gradually from weather-induced halts and maintenance, according to a survey by The Wall Street Journal.
Commercial crude stockpiles are expected to have increased by 1.3 million barrels to 448.5 million barrels in the week ended March 1, according to the average estimate of nine analysts and traders. Six expect an increase and three predict a decline. Expectations range from a build of 4 million barrels to a draw of 2.6 million barrels.
Gasoline inventories are forecast to be down by 1.4 million barrels at 242.8 million barrels, with estimates ranging from a draw of 3.1 million barrels to a build of 1.9 million barrels.
Stocks of distillates, mostly diesel fuel, are seen falling by 400,000 barrels to 120.7 million barrels, with forecasts ranging from a decrease of 2 million barrels to an increase of 1.8 million barrels.
Refinery capacity use is expected to have risen by 1 percentage point to 82.5%, according to the survey. Forecasts range from an increase of a half percentage point to 1.5 percentage points. Two analysts didn't make a forecast for refinery runs.
The U.S. Energy Information Administration is due to release inventory data for last week on Wednesday at 10:30 a.m. EST.
Crude Gasoline Distillates Refinery Use
Again Capital -2.6 1.9 1.0 1.3
Confluence Investment Management 4.0 -2.5 -1.0 1.5
DTN 2.2 -1.2 0.5 1.2
Excel Futures 3.5 -2.6 -0.8 0.8
Spartan Capital Securities -1.3 -0.9 1.8 n/f
Mizuho 2.0 -1.0 -0.5 0.5
Price Futures Group 3.0 -2.0 -2.0 0.5
Ritterbusch and Associates -2.1 -1.0 -1.0 1.5
Tradition Energy 2.8 -3.1 -1.7 n/f
AVERAGE 1.3 -1.4 -0.4 1.0
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
03-05-24 1331ET
