-- Weekly US crude inventory data from the Energy Information Administration is forecast to show a 2.2-million-barrel build for the week ending April 17, Macquarie strategists said in a weekly note on Tuesday, after a 900,000-barrel build reported the previous week.
Crude runs are projected to decrease by about 100,000 barrels per day following a weaker print the week before. Seasonal maintenance remains a swing factor, with turnaround timing continuing to inject volatility into weekly balances.
Crude exports are projected to drop by about 200,000 b/d, while imports are expected to jump by 800,000 b/d.
"Timing of cargoes remains a source of potential volatility in the weekly crude balance", Macquarie strategists said.
Macquarie projected that domestic supply, which includes production, adjustments, and transfers, will drop by 700,000 b/d for the week ended Apr. 17, while stocks in the Strategic Petroleum Reserve decrease by 4.2 million bbls.
On the products front, gasoline inventories are forecast to fall by 3.5 million bbls, distillate inventories by 3 million bbls, and jet fuel stocks are nearly flat with a marginal build of about 100,000 bbls.
Macquarie forecasts the combined implied demand for gasoline, distillates, and jet fuel at about 14.5 mmb/d.