Macquarie Analysts Forecast U.S. Crude Inventory Build

SEATTLE (Oil Monster):  The analysts from Macquarie, in a recent oil and gas report, forecasts marginal surge in U.S. Crude oil inventories by 0.6 million barrels during the week ended 2 August, 2024. This compares with their earlier outlook for the week, in which they anticipated the crude builds to go up by 1.8 million barrels.

The crude runs from refineries is predicted to surge higher marginally by 0.2 million barrels per day. The net imports are likely to witness nominal rise, with exports expected to go down sharply by 0.7 million barrels per day and imports projected to report modest decline by 0.2 million barrels per day.

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The domestic supply is likely to see an increase of 0.3 million barrels per day. Macquarie expects the Strategic Petroleum Reserves (SPR) inventory to rise marginally by 0.7 million barrels. It anticipates a huge draw of approximately 3.6 million barrels in gasoline and a nominal build of 0.3 million barrels in jet. Meantime, it expects distillate stocks to decline marginally by 0.2 million barrels.

According to the most recently released report by the U.S. Energy Information Administration (EIA), the U.S. commercial crude oil inventories had reported a decline of 3.4 million barrels from the week ending July 19 to the week ending July 26.