In an oil and gasoline report despatched to Rigzone on Tuesday by the Macquarie staff, Macquarie strategists revealed that they’re forecasting that U.S. crude inventories will likely be up by 2.2 million barrels for the week ending April 17.
“This follows a 0.9 million barrel draw within the prior week, with the crude steadiness realizing considerably tighter than our expectations, and export timing doubtlessly contributing to this hole,” the strategists stated within the report.
“For the week ending 4/17, from refineries, we search for a slight discount in crude runs (-0.1 million barrels per day) following a weak print final week; timing of turnarounds stays a key variable on this week’s crude steadiness,” they added.
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“Amongst web imports, we mannequin a significant improve, with exports barely decrease (-0.2 million barrels per day) and imports up sharply (+0.8 million barrels per day) on a nominal foundation,” they continued.
The Macquarie strategists warned within the report that the timing of cargoes stays a supply of potential volatility within the weekly crude steadiness.
“From implied home provide (prod.+adj.+transfers), we search for a discount (-0.7 million barrels per day) following a particularly sturdy nominal print final week,” the strategists went on to state.
“Rounding out the image, we anticipate the same SPR [Strategic Petroleum Reserve] draw (-4.2 million barrels) for the week ending 4/17,” they added.
The Macquarie strategists additionally famous within the report that, “amongst merchandise”, they “search for attracts in gasoline (-3.5 million barrels) and distillate (-3.0 million barrels) with jet shares almost flat (+0.1 million barrels)”.
“Our estimates ponder a powerful degree of unpolluted product exports persevering with this week. We mannequin implied demand for these three merchandise at ~14.5 million barrels per day for the week ending April 17,” they stated.
The U.S. Power Info Administration’s (EIA) newest weekly petroleum standing report on the time of writing, which was launched on April 15 and included knowledge for the week ending April 10, highlighted that U.S. business crude oil inventories, excluding these within the SPR, decreased by 0.9 million barrels from the week ending April 3 to the week ending April 10.
That EIA report confirmed that crude oil shares, not together with the SPR, stood at 463.8 million barrels on April 10, 464.7 million barrels on April 3, and 442.9 million barrels on April 11, 2025. Crude oil within the SPR stood at 409.2 million barrels on April 10, 413.3 million barrels on April 3, and 397.0 million barrels on April 11, 2025, the report revealed.
Whole 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 1.675 billion barrels on April 10, based on this EIA report. Whole petroleum shares have been down 13.1 million barrels week on week and up 69.5 million barrels yr on yr, the report identified.
In a press release despatched to Rigzone on April 16, Naeem Aslam, Chief Funding Officer at Zaye Capital Markets, outlined that the EIA’s newest weekly petroleum standing report on the time of writing confirmed “a good U.S. crude stock draw”.
The EIA’s subsequent weekly petroleum standing report is scheduled to be launched in a while Wednesday. It’s going to embrace knowledge for the week ending April 17.
The weekly petroleum standing report states that it gives well timed info on provide and chosen costs of crude oil and principal petroleum merchandise.
“It gives the business, press, planners, policymakers, shoppers, analysts, and state and native governments with a prepared, dependable supply of present info,” the report notes.
To contact the creator, e-mail andreas.exarheas@rigzone.com
