In an oil and gasoline report despatched to Rigzone by the Macquarie group late Monday, Macquarie strategists revealed that they’re forecasting that U.S. crude inventories will likely be up by 9.3 million barrels for the week ending April 4.
“This follows a 6.2 million barrel construct for the week ending March 28, with final week’s crude stability realizing modestly looser than our expectation,” the strategists mentioned within the report.
“For this week’s crude stability, from refineries, we mannequin crude runs down barely (-0.1 million barrels per day) following a powerful print final week,” they added.
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“Amongst internet imports, we mannequin a modest enhance, with exports (-0.7 million barrels per day) and imports (-0.4 million barrels per day) decrease on a nominal foundation,” they went on to state.
The Macquarie strategists famous within the report that timing of cargoes stays a supply of potential volatility on this week’s crude stability.
“From implied home provide (prod. +adj.+transfers), we search for a slight enhance (+0.1 million barrels per day) this week,” the strategists went on to state within the report.
“Rounding out the image, we anticipate one other small enhance in SPR [Strategic Petroleum Reserve] shares (+0.3 million barrels) this week,” they added.
The strategists said within the report that, “amongst merchandise” they “search for attracts in gasoline (-0.6 million barrels), distillate (-3.3 million barrels), and jet (-0.6 million barrels)”.
“We mannequin implied demand for these three merchandise at 14.0 million barrels per day for the week ending April 4,” they went on to state.
In its newest weekly petroleum standing report on the time of writing, which was launched on April 2 and included knowledge for the week ending March 28, the U.S. Power Info Administration (EIA) highlighted that U.S. business crude oil inventories, excluding these within the SPR, elevated by 6.2 million barrels from the week ending March 21 to the week ending March 28.
That report confirmed that crude oil shares, not together with the SPR, stood at 439.8 million barrels on March 28, 433.6 million barrels on March 21, and 451.4 million barrels on March 29, 2024. Crude oil within the SPR stood at 396.4 million barrels on March 28, 396.1 million barrels on March 21, and 363.6 million barrels on March 29, 2024, the report revealed.
Complete petroleum shares – together with crude oil, complete motor gasoline, gasoline ethanol, kerosene sort jet gasoline, distillate gasoline oil, residual gasoline oil, propane/propylene, and different oils – stood at 1.605 billion barrels on March 28, the EIA report confirmed. Complete petroleum shares had been up 5.6 million barrels week on week and up 27.2 million barrels yr on yr, the report outlined.
In an oil and gasoline report despatched to Rigzone on March 31 by the Macquarie group, Macquarie strategists revealed that they had been forecasting that U.S. crude inventories could be up by 4.2 million barrels for the week ending March 28.
“This follows a 3.3 million barrel draw for the week ending March 21 and compares to our preliminary expectation for a bigger crude construct this week,” the strategists mentioned in that report.
In a market evaluation despatched to Rigzone on April 3, Milad Azar, Market Analyst at XTB MENA, famous that “U.S. crude inventories surged by 6.2 million barrels, considerably exceeding expectations”.
Ole R. Hvalbye, Commodities Analyst at Skandinaviska Enskilda Banken AB (SEB), highlighted in a SEB report despatched to Rigzone by the SEB group on April 3 that the 6.2 million barrel construct was “in keeping with the six million barrel construct forecasted by the American Petroleum Institute”.
The EIA’s subsequent weekly petroleum standing report is scheduled to be launched on April 9. It’s going to embrace knowledge for the week ending April 4.
To contact the writer, e-mail andreas.exarheas@rigzone.com
