Oil Inventory Forecast
The survey conducted by The Wall Street Journal indicates that U.S. crude-oil inventories are expected to rise for the fifth week in a row. Analysts and traders estimate commercial crude stockpiles will increase by 1.5 million barrels, reaching a total of 444.5 million barrels by February 23rd.
Gasoline and Distillate Stocks
On the other hand, gasoline inventories are predicted to decrease by 1.3 million barrels, totaling 245.7 million barrels. Distillates, mainly diesel fuel, are anticipated to see a drop of 2 million barrels, down to 119.7 million barrels.
Refinery Capacity
The survey also suggests that refinery capacity use will likely increase by 1.1 percentage points to 81.7%. Different analysts have provided forecasts with varying expectations, with the highest increase predicted at 4.5 percentage points and the lowest decline at 0.6 percentage point.
| Analyst | Crude | Gasoline | Distillates | Refinery Use | |—————————-|——-|———-|————-|————–| | Again Capital | 1.6 | -1.1 | -1.8 | 1.2 | | Commodity Research Group | 4.0 | -1.8 | -2.5 | 0.5 | | Confluence Investment Mgmt | 5.5 | -3.0 | -2.0 | 4.5 | | DTN | 1.8 | -1.2 | -1.8 | 0.2 | | Excel Futures | 3.7 | -2.9 | -3.6 | -0.6 | | Spartan Capital Securities | -0.8 | 2.6 | 1.1 | n/f | | Price Futures Group | -2.0 | -3.0 | -2.0 | 0.5 | | Ritterbusch and Associates | 1.0 | -1.0 | -1.6 | 1.5 | | Tradition Energy | -1.0 | -0.2 | -3.5 | n/f |
Note: Numbers in millions of barrels, except for refinery use in percentage points.
Despite the expected rise in crude oil inventories, reductions are foreseen for gasoline and distillate fuel stocks, providing valuable insights into the current market trends.