(Update) US Crude Storage Outlook - Big Build But EIA Owes Us

For the week ending April 5, we have a crude build of 6.82 million bbls. This includes a SPR build of 600k bbls. The 5-year average build is 5.773 million bbls.

As we've been pointing out for a few weeks now, EIA owes us ~12 million bbls from the spike in modified adjustment. EIA may have counted the exports late, which would typically result in the adjustment flipping into the negative. We haven't seen any adjustments yet. If EIA catches up, then we expect this week's crude build to be flat.

Looking at our US crude storage outlook, this is what we are seeing: