In an oil and gasoline report despatched to Rigzone by the Macquarie workforce late Monday, Macquarie strategists, together with Walt Chancellor, revealed that they’re forecasting that U.S. crude inventories will likely be up by 4.7 million barrels for the week ending July 25.
“This follows a 3.2 million barrel draw within the prior week, with the crude steadiness realizing looser than our expectations,” the strategists stated within the report.
“For this week’s crude steadiness, from refineries, we mannequin a small enhance in crude runs (+0.1 million barrels per day) following a powerful print final week,” they added.
- Advertisement -
“Amongst internet imports, we mannequin a really massive enhance, with exports down (-0.6 million barrels per day) and imports up (+0.7 million barrels per day) on a nominal foundation,” they continued.
The strategists warned within the report that 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 discount (-0.1 million barrels per day) on a nominal foundation this week,” the strategists went on to state within the report.
“Rounding out the image, we anticipate a small construct in SPR [Strategic Petroleum Reserve] shares (+0.2 million barrels) this week,” they added.
The Macquarie strategists additionally highlighted within the report that, “amongst merchandise”, they “search for small builds throughout the board (gasoline/ distillate/jet +0.3/+0.7/+0.1 million barrels)”.
“We mannequin implied demand for these three merchandise at ~14.6 million barrels per day for the week ending July 25,” the strategists added within the report.
In its newest weekly petroleum standing report on the time of writing, which was launched on July 23 and confirmed information for the week ending July 18, the U.S. Vitality Info Administration (EIA) highlighted that U.S. industrial crude oil inventories, excluding these within the SPR, decreased by 3.2 million barrels from the week ending July 11 to the week ending July 18.
That report confirmed that crude oil shares, not together with the SPR, stood at 419.0 million barrels on July 18, 422.2 million barrels on July 11, and 436.5 million barrels on July 19, 2024. Crude oil within the SPR stood at 402.5 million barrels on July 18, 402.7 million barrels on July 11, and 374.4 million barrels on July 19, 2024, that EIA report revealed.
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 1.653 billion barrels on July 18, the EIA report highlighted. Complete petroleum shares have been down 5.4 million barrels week on week and down 12.7 million barrels 12 months on 12 months, the report confirmed.
In an oil and gasoline report despatched to Rigzone by the Macquarie Group on July 21, Macquarie strategists, together with Walt Chancellor, revealed that they have been forecasting that U.S. crude inventories could be down by 5.6 million barrels for the week ending July 18.
“This follows a 3.9 million barrel draw within the prior week, with the crude steadiness realizing considerably tighter than our expectations,” the strategists stated in that report.
The EIA’s subsequent weekly petroleum standing report is scheduled to be launched on July 30. It’ll embody information for the week ending July 25.
The EIA weekly petroleum standing report states that it gives well timed info on provide and chosen costs of crude oil and principal petroleum merchandise. Within the report, the EIA describes itself because the unbiased statistical and analytical company inside the Division of Vitality. It provides that the data within the report ought to be attributed to the EIA “and shouldn’t be construed as advocating or reflecting any coverage place of the Division of Vitality or every other group”.
To contact the writer, e-mail andreas.exarheas@rigzone.com
