US Crude Storage Outlook - Crude Export Jump Sets Stage For Large Crude Draw But All Eyes Will Still Be On Demand

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For the week ending August 12, we have a crude draw of 8.34 million bbls. We purposely waited until Monday to publish this update because we wanted to see the official SPR release figure. It came in at 3.4 million bbls versus the 7 million bbls we assumed last Friday.