In an oil and fuel report despatched to Rigzone by the Macquarie staff late Monday, Macquarie strategists, together with Walt Chancellor, revealed that they’re forecasting that U.S. crude inventories shall be up by 4.9 million barrels for the week ending November 21.
“This follows a 3.4 million barrel draw within the prior week, with the crude steadiness realizing comparatively near our expectations,” the strategists mentioned within the report.
“For this week’s steadiness, from refineries, we mannequin a small enhance in crude runs (+0.1 million barrels per day),” they added.
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“Amongst web imports, we mannequin a big enhance, with exports decrease (-0.6 million barrels per day) and imports greater (+0.3 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 on this week’s crude steadiness.
“From implied home provide (prod.+adj.+transfers), we search for a rise (+0.3 million barrels per day) on a nominal foundation this week,” the strategists went on to notice.
“Rounding out the image, we anticipate the same enhance (+0.5 million barrels) in SPR [U.S. Strategic Petroleum Reserve] shares this week,” they added.
The Macquarie strategists additionally famous within the report that, “amongst merchandise”, they “search for a attract gasoline (-0.6 million barrels), with builds in distillate (+3.3 million barrels) and jet (+0.7 million barrels)”.
“We mannequin implied demand for these three merchandise at ~13.8 million barrels per day for the week ending November 21,” the Macquarie strategists went on to state within the report.
In its newest weekly petroleum standing report on the time of writing, which was launched on November 19 and included information for the week ending November 14, the U.S. Power Info Administration (EIA) highlighted that U.S. business crude oil inventories, excluding these within the SPR, decreased by 3.4 million barrels from the week ending November 7 to the week ending November 14.
That EIA report confirmed that crude oil shares, not together with the SPR, stood at 424.2 million barrels on November 14, 427.6 million barrels on November 7, and 430.3 million barrels on November 15, 2024. Crude oil within the SPR stood at 410.9 million barrels on November 14, 410.4 million barrels on November 7, and 389.2 million barrels on November 15, 2024, this EIA report highlighted.
Complete petroleum shares – together with crude oil, whole motor gasoline, gas ethanol, kerosene sort jet gas, distillate gas oil, residual gas oil, propane/propylene, and different oils – stood at 1.680 billion barrels on November 14, the EIA report revealed. Complete petroleum shares had been down 2.2 million barrels week on week and up 47.1 million barrels yr on yr, the report confirmed.
In a Skandinaviska Enskilda Banken AB (SEB) report despatched to Rigzone by the SEB staff on November 20, SEB Commodities Analyst Ole R. Hvalbye mentioned, “total, the report reveals a tighter crude steadiness attributable to greater refinery exercise, however softer product demand and rising gasoline/diesel inventories”.
Eric Chia, Monetary Markets Strategist at Exness, famous in a market remark despatched to Rigzone on November 21 that “U.S. crude stock information was combined”.
In an oil and fuel report despatched to Rigzone on November 17 by the Macquarie staff, Macquarie strategists revealed that they had been forecasting that U.S. crude inventories can be down by 3.0 million barrels for the week ending November 14.
The EIA’s subsequent weekly petroleum standing report is scheduled to be launched on November 26. It is going to embody information for the week ending November 21.
On its web site, the EIA describes itself because the statistical and analytical company inside the U.S. Division of Power.
“EIA collects, analyzes, and disseminates unbiased and neutral power info to advertise sound policymaking, environment friendly markets, and public understanding of power and its interplay with the financial system and the surroundings,” the EIA states in its web site.
“EIA is the nation’s premier supply of power info, and, by regulation, its information, analyses, and forecasts are unbiased of approval by some other officer or worker of the U.S. authorities,” it provides.
To contact the creator, e-mail andreas.exarheas@rigzone.com
