In an oil and fuel report despatched to Rigzone late Monday by the Macquarie workforce, Macquarie strategists revealed that they’re forecasting that U.S. crude inventories can be up 4.2 million barrels for the week ending March 28.
“This follows a 3.3 million barrel draw for the week ending March 21 and compares to our preliminary expectation for a bigger crude construct this week,” the strategists stated within the report.
“For this week’s crude steadiness, from refineries, we mannequin crude runs down meaningfully (-0.4 million barrels per day) following a robust print final week,” they added.
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“Amongst web imports, we mannequin a reasonable enhance, with exports (-1.0 million barrels per day) and imports (-0.7 million barrels per day) a lot decrease on a nominal foundation,” they continued.
The strategists warned within the report that timing of cargoes stays a supply of potential volatility on this week’s crude steadiness.
“From implied home provide (prod.+adj.+transfers), we search for a bounce (+0.3 million barrels per day) this week,” they stated within the report.
“Rounding out the image, we anticipate one other small enhance in SPR [Strategic Petroleum Reserve] shares (+0.3 MM BBL) this week,” they added.
The strategists additionally famous within the report that, “amongst merchandise”, they “search for attracts in gasoline (-0.9 million barrels) and distillate (-4.1 million barrels), with jet shares successfully flat”.
“We mannequin implied demand for these three merchandise at ~14.4 million barrels per day for the week ending March 28,” they stated.
In its newest weekly petroleum standing report on the time of writing, which was launched on March 26 and included knowledge for the week ending March 21, the U.S. Power Data Administration (EIA) highlighted that U.S. industrial crude oil inventories, excluding these within the SPR, decreased by 3.3 million barrels from the week ending March 14 to the week ending March 21.
This EIA report confirmed that crude oil shares, not together with the SPR, stood at 433.6 million barrels on March 21, 437.0 million barrels on March 14, and 448.2 million barrels on March 22, 2024. Crude oil within the SPR stood at 396.1 million barrels on March 21, 395.9 million barrels on March 14, and 363.1 million barrels on March 22, 2024, the report revealed. The EIA report highlighted that knowledge could not add as much as totals attributable to unbiased rounding.
Complete petroleum shares – together with crude oil, complete motor gasoline, gas ethanol, kerosene sort jet gas, distillate gas oil, residual gas oil, propane/propylene, and different oils – stood at 1.600 billion barrels on March 21, the report confirmed. Complete petroleum shares have been up 3.5 million barrels week on week and up 19.9 million barrels 12 months on 12 months, the report identified.
The EIA report additionally highlighted that the worth for West Texas Intermediate (WTI) crude oil was $68.52 per barrel on March 21, 2025, which it stated was “$1.09 greater than per week in the past and $12.58 lower than a 12 months in the past”.
In an oil and fuel report despatched to Rigzone on March 24 by the Macquarie workforce, Macquarie strategists revealed that they have been forecasting that U.S. crude inventories can be down 2.8 million barrels for the week ending March 21.
The EIA’s subsequent weekly petroleum standing report is scheduled to be launched on April 2. It would embody knowledge for the week ending March 28.
In a separate oil and fuel report despatched to Rigzone late Monday by the Macquarie workforce, Macquarie strategists famous that “each WTI and Brent speculative (MM + Different) web size constructed over the past week”.
“WTI spec web size grew with new lengthy curiosity besting brief masking. Brent confirmed a considerably bigger transfer with over 3 times new lengthy curiosity as added shorts,” the strategists added.
“During the last two weeks, Brent Managed Cash web size has improved by 110K contracts after reducing for six straight weeks by a complete of 150K,” they continued.
“In distinction, industrial members have lowered their web size by 38K contract equivalents within the earlier week seemingly attributable to elevated E&P hedging,” they went on to state.
To contact the creator, electronic mail andreas.exarheas@rigzone.com
