U.S. Crude Oil Inventories Likely Dropped 5 Million Barrels in Week Ended May 1, Macquarie Says

-- U.S. crude oil stocks are forecast to have dropped 5.0 million barrels in the week ended May 1, adding to a decline of 6.2 MM BBL in the prior week, Macquarie said in a Monday note.

Crude runs at refineries are expected to have slightly increased by 0.1 million barrels per day. Net imports are projected to have risen, with exports down 0.4 MBD and imports up 0.4 MBD, Macquarie said.

Implied domestic supply is expected to have declined 0.3 MBD. Strategic petroleum reserves are forecast to have decreased 5.2 MM BBL, according to Macquarie.

Gasoline inventories are projected to have fallen 0.4 MM BBL. Distillate stockpiles are forecast to have fallen 3.8 MM BBL. Jet stocks are expected to have gained 0.2 MM BBL. Implied demand for these three products are expected at 14.6 MBD, Macquarie noted.

Corporate Earnings, Easing Oil Prices Lift European Bourses Midday

European bourses tracked moderately higher midday Tuesday as oil prices eased and as the continental earnings season continued to pour in.Tech and energy stocks led gains on continental trading floors.UniCredit shares rose 5.6% mid-session after the company reported strong Q1 profits.Front-month North Sea Brent crude-oil futures were down 1% at $113.28 a barrel.Investors also eyed Wall Street futures in the green amid mixed closes overnight on Asian exchanges.In economic news, the European Union and Japan agreed to expand cooperation across data, digital identity, AI, quantum, infrastructure, standardization, and online platform issues, the EU-Japan Digital Partnership Council reported.The pan-continental Stoxx Europe 600 Index was up 0.5% mid-session.The Stoxx Europe 600 Technology Index was up 1.6%, and the Stoxx 600 Banks Index gained 0.1%.The Stoxx Europe 600 Oil and Gas Index rose 0.7%, while the Stoxx 600 Europe Food and Beverage Index edged 0.6% higher.The REITE, a European REIT index, gained 0.2%.On the national market indexes, Germany's DAX was up 1.3%, but the FTSE 100 in London lost 1.3%. The CAC 40 in Paris was up 0.6%, and Spain's IBEX 35 advanced 1.5%.Yields on benchmark 10-year German bonds were higher, near 3.1%.The Euro Stoxx 50 volatility index was down 3.3% at 24.08, but still indicating above-average volatility for European stock markets in the next 30 days, a negative signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.

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Seres Group's Vehicle Sales, Output Slide in April

Seres Group (SHA:601127, HKG:9927) sold 35,461 vehicles in April, down 0.8% from a year earlier.Output for the month slipped 4.2% year over year to 37,167 units, the vehicle maker said Tuesday in a Hong Kong bourse filing.For the four months ended April 30, group sales and output were up 19% and 15.4%, respectively, to 123,906 vehicles and 123,876 units.

$HKG:9927$SHA:601127

U.S. Crude Oil Inventories Likely Dropped 5 Million Barrels in Week Ended May 1, Macquarie Says

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