US Crude Storage Outlook - Build But Wait

For the week ending Jan 12, we have a crude build of 1.42 million bbls. However, as we noted in last week's OMF, EIA likely counted imports early while delaying exports. As a result, we expect EIA to report -3 to -4 million bbls for crude.

In our latest US crude storage projection, you can see the large delta between this year and last year: