In an oil and fuel report despatched to Rigzone late Monday by the Macquarie staff, Macquarie strategists revealed that they’re forecasting that U.S. crude inventories will probably be up by 1.2 million barrels for the week ending February 28.
“This compares to a 2.3 million barrel draw realized for the week ending February 21, with the crude steadiness realizing reasonably tighter than we had anticipated amidst surprisingly robust crude runs,” the strategists acknowledged within the report.
“For this week’s steadiness, from refineries, we mannequin crude runs up barely (+0.1 million barrels per day). Amongst internet imports, we mannequin a modest improve, with exports decrease (-0.3 million barrels per day) and imports up minimally on a nominal foundation,” they added.
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The strategists famous 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 bounce (+0.3 million barrels per day) this week. Rounding out the image, we anticipate no change in SPR [Strategic Petroleum Reserve] shares once more this week,” the strategists stated within the report.
“Amongst merchandise, we search for builds in gasoline (+1.3 million barrels) and jet (+0.3 million barrels), with a distillate draw (-1.2 million barrels),” they added.
“We mannequin implied demand for these three merchandise at ~14.5 million barrels per day for the week ending February 28,” they went on to state.
U.S. business crude oil inventories, excluding these within the SPR, decreased by 2.3 million barrels from the week ending February 14 to the week ending February 21, the U.S. Power Data Administration (EIA) highlighted in its newest weekly petroleum standing report on the time of writing.
That EIA report was launched on February 26 and included knowledge for the week ending February 21. It confirmed that crude oil shares, not together with the SPR, stood at 430.2 million barrels on February 21, 432.5 million barrels on February 14, and 447.2 million barrels on February 23, 2024. Crude oil within the SPR stood at 395.3 million barrels on February 21 and February 14, and 360.3 million barrels on February 23, 2024, that report revealed.
Whole petroleum shares – together with crude oil, whole 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 February 21, the report highlighted. Whole petroleum shares had been down 2.2 million barrels week on week and up 16.6 million barrels 12 months on 12 months, the report outlined.
In an oil and fuel report despatched to Rigzone by the Macquarie staff on February 24, Macquarie strategists revealed that they had been forecasting that U.S. crude inventories could be up by 0.6 million barrels for the week ending February 21.
The subsequent EIA weekly petroleum standing report is scheduled to be launched on March 5. It’s going to embody knowledge for the week ending February 28.
The EIA’s weekly petroleum standing report states that it supplies well timed data on provide and chosen costs of crude oil and principal petroleum merchandise.
“It supplies the business, press, planners, policymakers, shoppers, analysts, and State and native governments with a prepared, dependable supply of present data,” the report notes.
The EIA collects, analyzes, and disseminates impartial and neutral vitality data to advertise sound policymaking, environment friendly markets, and public understanding of vitality and its interplay with the financial system and the surroundings, in keeping with the EIA’s web site, which describes the EIA because the statistical and analytical company throughout the U.S. Division of Power.
To contact the writer, e-mail andreas.exarheas@rigzone.com
