US Crude Storage Outlook - An Important Update

For the week ending May 2, we have a small crude build of 0.37 million bbls. This is lower than the 5-year average build of ~2.8 million bbls.

In the coming weeks, we will start to see US commercial crude storage trend lower. The more promising trend we are seeing is taking shape in product storage, which I will explain more below.

But first, let's look at the US crude storage trend: