Crude Oil and Product Stocks Expected This Week: Macquarie By Investing.com

Investing.com — Analysts at Macquarie issued their forecast for the week ending September 27, pointing to little change in US crude oil and product inventories.

They project that inventories will remain largely unchanged, with a small increase of just 0.1 million barrels.

This is an adjustment from the previous estimate of 3.6 million barrels, especially after a draw of 4.5 million barrels for the week ended September 20.

Macquarie points to several factors affecting this week’s gross balance. Refineries are expected to cut their crude flows slightly, by about 0.2 million barrels per day.

Net imports are expected to be largely unchanged, with only a minor drop in exports and a small drop in imports of 0.1 million barrels per day.

The timing of cargo arrivals is noted as a potential source of volatility, indicating continued complexity in the crude oil market.

As for domestic supply, despite a weak production report last week, Macquarie expects a rebound, projecting an increase of 0.4 million barrels per day.

This is even amid the ongoing disruption in the Gulf of Mexico. In addition, a modest increase in the stockpile of strategic oil reserves is forecast, with an increase of 0.7 million barrels.

On the commodities side, analysts forecast a draw in distillate stocks of about 1.4 million barrels. Gasoline stocks are expected to fall slightly by 0.3 million barrels, while jet fuel stocks are expected to remain flat.

Overall, analysts estimate that demand for these three products will be about 14.2 million barrels per day in the week ending September 27.

Macquarie’s analysis provides a practical picture of current crude oil and product balances, acknowledging the uncertainties in the market while anticipating some stability in the near future.