Macquarie Forecasts Dip in U.S. Crude Inventories

SEATTLE (Oil Monster): The most recent research report from Macquarie experts predicts that for the week ending December 13, 2024, U.S. crude oil inventories would drop by 0.7 million barrels. This contrasts with the 1.4 million barrel draw that was achieved the week before and the 2.1 million barrel draw that was originally projected.

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The Strategic Petroleum Reserve (SPR) was not included in the crude oil stocks, which were 422.0 million barrels on December 6 and 440.8 million barrels on December 8, 2023. According to the report, the amount of crude oil in the SPR was 392.5 million barrels on December 6 and 351.9 million barrels on December 8, 2023.

U.S. commercial crude oil stocks, excluding those in the Strategic Petroleum Reserve, fell by 1.4 million barrels in the week ending December 6, 2024, compared to the week prior, according to the most recent report issued by the U.S. Energy Information Administration (EIA).

According to the report, the total petroleum stocks on December 6 were 1.628 billion barrels. This represents a 17.7 million barrel increase year over year and a 0.2 million barrel decrease from the previous week.

According to the Macquarie analysis, products were looser overall, and the crude oil balance was tighter than expected.