Renault could be forced to race with just one car this weekend if one of their drivers crashes in either practice or qualifying.
"He (Palmer) hit the guardrail twice at high speed, which is very rare," said the FIA race director Charlie Whiting.
Renault trackside operations director Alan Permane detailed the recent incident involving Magnussen which left the team short on parts this weekend, saying: "Kevin lost the car on the first lap out of the pits, which should not happen."
Williams also low on spares
Williams are also running low on spare parts this weekend following Felipe Massa's heavy crash during practice at the Canadian Grand Prix.
The Brazilian was forced to run in a different specification to team mate Valtteri Bottas in Canada as a result of the incident, and is hoping for a clean weekend in Baku as a result
"I don't have many spare parts," he admitted. "It would be better if I have an accident-free weekend."
Bahrain International Circuit - Winter testing