In a report despatched to Rigzone late Tuesday, Macquarie strategists revealed that they’re forecasting that U.S. crude inventories shall be up 8.4 million barrels for the week ending February 16.
“This compares to a 12.0 million barrel construct for the week ending February 9, with the overall U.S. crude stability realizing modestly tighter than we had anticipated, regardless of the heavy construct,” the strategists famous within the report.
“For this week, from refineries, we mannequin an additional discount in crude runs (-0.2 million barrels per day). Amongst web imports, we anticipate a nominal week on week lower, with exports greater on a nominal foundation (+0.8 million barrels per day) and imports additionally up (+0.4 million barrels per day),” they added.
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“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 modest nominal lower (-0.3 million barrels per day) relative to final week’s robust print,” they went on to state.
Within the report, the strategists revealed that they anticipate a 0.7 million barrel enhance in Strategic Petroleum Reserve (SPR) stock on the week.
“At Cushing, our refinery/pipeline mannequin is looking for a construct of 0.15 million barrels this week,” the Macquarie strategists added within the report.
“Amongst merchandise, we search for significant attracts in gasoline (-4.4 million barrels) and distillate (-2.4 million barrels), with jet shares minimally decrease. We mannequin implied demand for these three merchandise at ~13.6 million barrels per day for the week ending February 16,” they added.
In its newest weekly petroleum standing report, which was launched on Valentine’s Day, the U.S. Power Data Administration (EIA) revealed that U.S. industrial crude oil inventories, excluding these within the SPR, rose by 12.0 million barrels from the week ending February 2 to the week ending February 9.
Crude oil shares within the U.S., not together with the SPR, stood at 439.5 million barrels on February 9, 427.4 million barrels on February 2, and 471.4 million barrels on February 10, 2023, that EIA report confirmed. Crude oil within the SPR totaled 358.8 million barrels on February 9, 358.0 million barrels on February 2, and 371.6 million barrels on February 10, 2023, the report revealed.
In a report despatched to Rigzone previous to the discharge of the EIA’s newest weekly petroleum standing report, Macquarie strategists mentioned they had been forecasting that U.S. crude inventories can be up by 13.9 million barrels for the week ending February 9. In that report, the Macquarie strategists highlighted that they had been projecting a 0.8 million barrel SPR construct on the week.
In a report despatched to Rigzone following the discharge of the EIA’s weekly petroleum standing report, SEB Commodities Analyst Ole Hvalbye highlighted that the newest industrial crude oil stock determine represented a “2.8 p.c rise from the earlier week, however nonetheless a considerable 6.8 p.c lower from the identical interval final 12 months”.
“The surge exceeds typical seasonal changes, indicating potential decreased crude demand, and a extra well-balanced market,” Hvalbe mentioned within the report.
The EIA’s subsequent weekly petroleum standing report is presently scheduled to be launched on February 22. It’ll present knowledge for the week ending February 16.
The EIA Weekly Petroleum Standing Report supplies well timed data on provide and chosen costs of crude oil and principal petroleum merchandise, the report itself notes, including that it supplies the trade, press, planners, policymakers, customers, analysts, and State and native governments with a prepared, dependable supply of present data.
The report is ready by the EIA, which describes itself because the unbiased statistical and analytical company inside the U.S. Division of Power.
To contact the creator, electronic mail andreas.exarheas@rigzone.com
