Macquarie Forecasts Surge in U.S. Crude Inventories

The implied domestic supply is poised to record a minimal nominal increase during the week.

SEATTLE (Oil Monster): Macquarie analysts, in their latest report, have forecast marginal surge in U.S. crude build. The crude inventories are projected to touch 1.2 million barrels, they said.

According to the report, the refineries crude runs are expected to witness a modest uptick by 0.3 million barrels per day. The exports are likely to remain slightly higher by 0.1 million barrels per day. The imports too are expected to remain modestly lower, falling by 0.4 million barrels per day. The implied domestic supply is poised to record a minimal nominal increase during the week.

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The Strategic Petroleum Reserve (SPR) inventory is predicted to see modestly larger increase by 0.9 million barrels over the previous week, the report said. Macquarie expects a draw in gasoline and builds in distillate and jet. The implied demand for these three products is estimated at around 14 million barrels per day.

Meantime, the latest weekly status report released by the U.S. Energy Information Administration (EIA) revealed that the U.S. commercial crude oil inventories, excluding those in the SPR, increased by 7.3 million barrels week-on-week during the week ended 26th April, 2024. The total U.S. petroleum stocks stood at 1.607 billion barrels, up by 8.5 million barrels over the prior week.