According to a survey by The Wall Street Journal, U.S. crude-oil inventories are forecasted to show a decline in the first week of January. However, gasoline and distillates stocks are expected to increase, adding to the heavy builds of the previous week.
Crude Stockpiles
The average estimate of 10 analysts and traders indicates a draw of 600,000 barrels, resulting in a total of 430.5 million barrels of commercial crude stockpiles in the week ending January 5. Out of the ten participants, four predict an increase while six foresee a decline. The range of expectations spans from a build of 2.1 million barrels to a draw of 3 million barrels.
Gasoline Inventories
Gasoline inventories, which are expected to reach 239.1 million barrels, are projected to increase by 2.1 million barrels. The estimates for gasoline stocks range from a build of 5 million barrels to a withdrawal of 1 million barrels.
Distillates Stocks
Stocks of distillates, mainly diesel fuel, are forecasted to rise by 1 million barrels to a total of 126.9 million barrels. The range of forecasts for distillates stocks varies from an increase of 4.2 million barrels to a decline of 3.1 million barrels.
Refinery Capacity Use
According to the survey, refinery capacity use is likely to decrease by 0.8 percentage point, reaching 92.7%. The forecasts for refinery runs range from a decrease of 0.4 percentage point to 2 percentage points, with two analysts making no forecast.
The U.S. Energy Information Administration is scheduled to release its inventories report at 10:30 a.m. EST on Wednesday.
Crude | Gasoline | Distillates | Refinery Use -|-|-|- -2.6 | 1.9 | 2.4 | -0.8
Note: Numbers in millions of barrels, with the exception of refinery use, which is in percentage points.
