Yahoo Finance Macquarie: Weekly crude build to offset gasoline draw
Investing.com - Commodity strategists at Macquarie Bank anticipate a modest weekly build in US crude inventories, which they believe will offset the expected draw in gasoline.
The strategists forecast a rise in US crude inventories by 2.2 million barrels (MM BBL) for the week ending June 7. This is in contrast to a 1.2 MM BBL build for the week ending May 31, with the total US crude balance being looser than initially predicted.
For the current week, the strategists model a slight reduction in crude runs from refineries (-0.2 million barrels per day (MBD)) to approximately 17.0 MBD.
In terms of net imports, they anticipate a significant nominal increase, with exports expected to be notably lower on a nominal basis (-1.2 MBD) and imports also predicted to decrease (-0.3 MBD).
From the implied domestic supply, which includes production, adjustments, and transfers, the strategists expect a substantial reduction (-1.0 MBD) this week, following a strong performance the previous week.
Additionally, they model a smaller increase in Strategic Petroleum Reserve (SPR) inventory (+0.7 MM BBL) for the week.
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