05:22 AM EDT, 09/24/2024 (MT Newswires) -- U.S. crude oil inventories are expected to have dropped by 8.4 million barrels in the week ended Sept. 20, compared with a decline of 1.6 million barrels in the previous week, Macquarie strategists said in a Monday note.

Net imports are expected to have declined marginally with exports increasing by 0.5 million barrels per day (b/d) and imports gaining 0.3 million b/d, Macquarie noted. Continued potential for volatility remains amid storm-related recoveries.

Implied domestic supply is forecast to have fallen by 1 million b/d, but the strategic petroleum reserve inventory is seen having risen by 1.3 million barrels, the strategists said.

For petroleum products, gasoline and distillate stocks are forecast to have declined by 1.8 million barrels and 2.5 million barrels, respectively. Jet fuel stocks are expected to have risen by 1 million barrels. Implied demand for these products is projected at 14.2 million b/d, according to Macquarie.