US Crude Storage Outlook - Build But With A Big Caveat (Week ending 3/29/24)

For the week ending March 29, we have a crude build of 1.04 million bbls. However, there is a giant disclaimer that has to come with this estimate.

Since the methodology change (Nov 2023), our modified adjustment has never remained above zero for more than a week. The last two EIA reports were the first time this has happened. As a result, we expect this week's report to show a massive negative adjustment to account for the massive positive adjustments from the last two reports.