US Crude Storage Outlook - Build Season, But The Size Matters

For the week ending Oct 11, we have a crude build of 2.47 million bbls. Looking at the 5-year average, this week usually shows a draw of 237k bbls. We expect EIA to report no build to a small draw due to the sizable increase in modified adjustment last week.

Looking at the US crude storage outlook, the pace of the build will play a pivotal role in where we finish by year-end: