(Update) US Crude Storage Outlook - Products Will Need To Do The Heavy Lifting

For the week ending May 17, we have a small crude build of 0.45 million bbls. This is relative to a -0.5 million bbl draw for the 5-year average.

For readers who have followed our crude estimates closely, you will know that EIA still owes us roughly ~7 million bbls. As a result, we would not be surprised if EIA reports a crude draw instead.

Looking at our US crude storage projection, products will need to do the heavy lifting: