US Crude Storage Outlook - 5-Year Low

For the week ending Dec 20, we have a crude draw of 6.74 million bbls.

For the week ending Dec 20, we have a crude draw of 6.74 million bbls.

API already reported a draw of 3.2 million bbls and with the API vs EIA crude running error near an all-time high, API was going to be more bearish than EIA for crude.

With the API crude storage draw of 3.2 million bbls, EIA will report a crude draw close to our estimate.

Looking at the US commercial crude storage chart, we are going to finish year-end at a 5-year low: