In an oil and fuel report despatched to Rigzone late Monday by the Macquarie workforce, Macquarie strategists revealed that they’re forecasting that U.S. crude inventories might be up by 7.6 million barrels for the week ending Might 9.
“This follows a 2.0 million barrel draw within the prior week, with the crude steadiness once more realizing tight relative to our expectations,” the Macquarie strategists famous within the report.
“For this week’s crude steadiness, from refineries, we mannequin crude runs larger (+0.3 million barrels per day). Amongst internet imports, we mannequin a really giant improve, with exports down (-0.9 million barrels per day) and imports up (+0.6 million barrels per day) on a nominal foundation,” they added.
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The Macquarie strategists warned within the report that the timing of cargoes stays a supply of potential volatility on this week’s crude steadiness.
“From implied home provide (prod.+adj.+transfers), we search for a small improve (+0.1 million barrels per day) this week,” the strategists stated within the report.
“Rounding out the image, we anticipate a barely smaller improve in SPR [Strategic Petroleum Reserve] shares (+0.5 million barrels) this week,” they added.
“Amongst merchandise, we search for a attract distillate (-0.6 million barrels), with jet shares up (+0.7 million barrels), and gasoline almost flat (-0.1 million barrels). We mannequin implied demand for these three merchandise at ~14.4 million barrels per day for the week ending Might 9,” the strategists went on to state.
In its newest weekly petroleum standing report, which was launched on Might 7 and included knowledge for the week ending Might 2, the U.S. Power Info Administration (EIA) highlighted that U.S. business crude oil inventories, excluding these within the SPR, decreased by two million barrels from the week ending April 25 to the week ending Might 2.
That EIA report confirmed that crude oil shares, not together with the SPR, stood at 438.4 million barrels on Might 2, 440.4 million barrels on April 25, and 459.5 million barrels on Might 3, 2024. Crude oil within the SPR stood at 399.1 million barrels on Might 2, 398.5 million barrels on April 25, and 367.2 million barrels on Might 3, 2024, the report outlined.
Complete petroleum shares – together with crude oil, complete motor gasoline, gas ethanol, kerosene kind jet gas, distillate gas oil, residual gas oil, propane/propylene, and different oils – stood at 1.612 billion barrels on Might 2, the report revealed. Complete petroleum shares have been up 1.7 million barrels week on week and up 5.7 million barrels yr on yr, the report outlined.
In a market evaluation despatched to Rigzone on Thursday, Osama Al Saifi, Managing Director for MENA at Traze, stated “a rise in U.S. gasoline inventories has raised considerations over mushy consumption heading into the summer season driving season”.
“Complete motor gasoline inventories elevated by 0.2 million barrels from final week and are about three % under the 5 yr common for this time of yr,” the EIA famous in its newest weekly petroleum standing report.
“Completed gasoline inventories elevated and mixing parts inventories decreased final week,” it added.
In an oil and fuel report despatched to Rigzone on Might 5 by the Macquarie workforce, Macquarie strategists revealed that they have been forecasting that U.S. crude inventories can be up by 2.4 million barrels for the week ending Might 2.
The EIA’s subsequent weekly petroleum standing report is scheduled to be launched on Might 14. It’s going to embody knowledge for the week ending Might 9. The report states that it supplies well timed info on provide and chosen costs of crude oil and principal petroleum merchandise.
To contact the writer, electronic mail andreas.exarheas@rigzone.com
