By Anthony Harrup

U.S. crude-oil inventories likely fell last week along with stocks of distillate fuels, while gasoline stocks are expected to have risen for a fourth consecutive week, according to a survey by The Wall Street Journal.

Commercial crude stockpiles are forecast to be down by 1.4 million barrels at 428.5 million barrels for the week ended Jan. 19, according to the average estimate of nine analysts and traders. Seven expect a decline and two predict an increase, with estimates ranging from a build of 2.4 million barrels to a drawdown of 4.1 million barrels.

Stocks of distillates, mostly diesel fuel, are seen down by 700,000 barrels to 134.1 million barrels, with forecasts ranging from a draw of 5.2 million barrels to a build of 2 million barrels.

Gasoline inventories are expected to increase by 1.5 million barrels to 249.6 million barrels, according to the survey. Estimates range from an increase of 3.4 million barrels to a decline of 4.7 million barrels.

Refinery capacity use is forecast to be down by 0.6 percentage point at 92%, with estimates ranging from a 1.3 percentage-point decline to a 1 percentage-point increase. Two analysts didn't make a forecast.

The inventory data from the U.S. Energy Information Administration is scheduled for release at 10:30 a.m. EST Wednesday.

                                    Crude  Gasoline Distillates Refinery Use 
   Again Capital                    -1.4      2.2      1.1      -1.1 
   Confluence Investment Management -0.5      1.5      1.0      -0.6 
   DTN                              -3.2      2.2     -1.2      -0.8 
   Excel Futures                     2.4      3.4      1.8      -1.2 
   Spartan Capital Securities        1.1      1.7     -3.6       n/f 
   Mizuho                           -2.0      2.0      1.0      -0.5 
   Price Futures Group              -3.0      2.0      2.0       1.0 
   Ritterbusch and Associates       -1.8      2.8     -2.9      -1.3 
   Tradition Energy                 -4.1     -4.7     -5.2       n/f 
 
   AVERAGE                          -1.4      1.5     -0.7      -0.6 
 

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

January 23, 2024 12:50 ET (17:50 GMT)