US Crude Stocks Seen Falling 1.9 Million Barrels on Robust Exports, Macquarie Says
Weekly US crude inventory data from the Energy Information Administration is forecast to show a 1.9-million-barrel draw for the week ending June 19, Macquarie strategists said in a weekly note on Monday, following an 8.3 mmbbls draw the previous week.Crude runs are projected to drop by about 200,000 barrels per day during the week. Crude exports are projected to rise by 500,000 b/d, while imports are projected to increase 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, rose by 400,000 b/d for the week ended June 19, while stocks in the Strategic Petroleum Reserve decreased by 9.1 million bbls.On the products front, gasoline inventories are forecast to rise by 400,000 b/d, 900,000 b/d for distillate inventories and 800,000 b/d for jet fuel stocks.Macquarie forecasts the combined implied demand for gasoline, distillates, and jet fuel at about 14.5 mmb/d.