U.S. Crude Oil Stocks Seen Rising for Second Straight Week
By Anthony Harrup
U.S. crude oil inventories likely rose for a second consecutive week, while declines are expected in gasoline and distillate fuel stocks, according to a survey by The Wall Street Journal.
Commercial crude stockpiles are seen increasing by 1.3 million barrels to 418.2 million barrels in the week ended Oct. 4, according to the average estimate of eight analysts and traders. Six expect an increase and two predict a decline. Expectations range from an inventory build of 3 million barrels to a withdrawal of 2 million barrels.
Gasoline inventories are expected to have fallen by 300,000 barrels to 220.9 million barrels, according to the survey, with estimates ranging from an increase of 1.8 million barrels to a drop of 2 million barrels.
Stocks of distillate fuels, mostly diesel, are expected to be down by 1 million barrels at 120.6 million barrels. Forecasts range from a build of 1 million barrels to a draw of 3 million barrels.
Refinery capacity use likely edged up by a tenth of a percentage point to 87.7%, with forecasts ranging from an increase of 1.4 percentage points to a decrease of 1.5 percentage points. 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. ET.
Crude Gasoline Distillates Refinery Use Again Capital 1.6 1.8 -1.0 0.9 Confluence Investment Management 3.0 -1.0 -1.0 -1.5 Rystad Energy 1.6 -0.2 -1.8 0.2 Excel Futures 2.3 -1.5 -1.8 -0.6 Spartan Capital Securities 2.8 1.4 1.0 n/f Price Futures Group -2.0 -2.0 -3.0 unch Ritterbusch and Associates 2.2 -1.1 -1.7 1.4 Tradition Energy -0.8 -0.2 1.0 n/f AVERAGE 1.3 -0.3 -1.0 0.1
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
October 08, 2024 12:56 ET (16:56 GMT)
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