Advertisement
Singapore markets open in 4 hours 15 minutes
  • Straits Times Index

    3,430.45
    -30.37 (-0.88%)
     
  • S&P 500

    5,399.22
    -27.91 (-0.51%)
     
  • Dow

    39,935.07
    +81.20 (+0.20%)
     
  • Nasdaq

    17,181.72
    -160.69 (-0.93%)
     
  • Bitcoin USD

    64,889.84
    -1,052.64 (-1.60%)
     
  • CMC Crypto 200

    1,310.52
    -27.66 (-2.07%)
     
  • FTSE 100

    8,186.35
    +32.66 (+0.40%)
     
  • Gold

    2,362.20
    -53.50 (-2.21%)
     
  • Crude Oil

    78.16
    +0.57 (+0.73%)
     
  • 10-Yr Bond

    4.2560
    -0.0300 (-0.70%)
     
  • Nikkei

    37,869.51
    -1,285.34 (-3.28%)
     
  • Hang Seng

    17,004.97
    -306.08 (-1.77%)
     
  • FTSE Bursa Malaysia

    1,615.18
    -5.96 (-0.37%)
     
  • Jakarta Composite Index

    7,240.28
    -7,262.76 (-50.08%)
     
  • PSE Index

    6,670.27
    -82.85 (-1.23%)
     

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.

Related Articles

Macquarie: Weekly crude build to offset gasoline draw

Gold: This factor could weigh on the bull market and drive prices down

Oil prices recovery likely in motion as bearish bets 'overly pessimistic': JPM