Moderate Build Seen in U.S. Crude-Oil Inventories, Survey Shows


Published: Nov. 28, 2023 at 1:05 p.m. ET

By Anthony Harrup

U.S. crude-oil inventories and gasoline stocks likely rose moderately last week, and stocks of diesel are expected to have declined, while refiners made increased use of capacity, according to a survey by The Wall Street Journal.

Inventory data from the U.S. Energy Information Administration for the week ended Nov. 24 is…

By Anthony Harrup

U.S. crude-oil inventories and gasoline stocks likely rose moderately last week, and stocks of diesel are expected to have declined, while refiners made increased use of capacity, according to a survey by The Wall Street Journal.

Inventory data from the U.S. Energy Information Administration for the week ended Nov. 24 is scheduled for release at 10:30 a.m. EST Wednesday.

Commercial crude stockpiles are seen rising by 900,000 barrels from the previous week to 449 million barrels, according to the average estimate of 10 analysts and traders. Seven expect an increase and three estimate a decline. Expectations range from a build of 4.2 million barrels to a draw of 3 million barrels.

Gasoline inventories are expected to have risen by 100,000 barrels, which would bring stocks to 216.5 million barrels, according to the survey, with estimates ranging from a 3 million-barrel increase to a 3 million-barrel reduction.

Stocks of distillates, mostly diesel fuel, are seen down by 800,000 barrels to 104.8 million barrels. Forecasts range from a draw of 3 million barrels to a build of 1.5 million barrels.

Refinery capacity use likely rose by 0.8 percentage point to 87.8%. Forecasts ranged from an increase of 0.5 percentage point to one of 2 percentage points. Two analysts didn’t make a forecast.

Crude Gasoline Distillates Refinery Use Again Capital 1.6 -1.9 -2.4 0.8 Commodity Research Group -1.7 0.8 -0.4 2.0 Confluence Investment Management -3.0 3.0 1.0 1.0 DTN 1.5 1.2 0.8 0.8 Excel Futures 4.2 1.1 -1.7 0.6 Spartan Capital Securities 0.9 -0.6 -2.7 n/f Mizuho 2.0 -1.0 -1.0 0.5 Price Futures Group 3.0 -3.0 -3.0 0.5 Ritterbusch and Associates -1.0 1.5 1.5 0.5 Tradition Energy 1.0 -0.2 0.2 n/f AVERAGE 0.9 0.1 -0.8 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



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