US Crude Storage Outlook - Draw

For the week ending April 19, we have a crude draw of 4.33 million bbls. This includes the SPR build of 800k bbls.

For those of you who follow us closely may be aware, EIA still owes us ~10 million bbls in overstated crude storage. Only ~2 million bbls were returned last week, but over time, all of those barrels should return. In essence, EIA could surprise versus our crude draw estimate (i.e. larger than expected draw).

Looking at our US crude storage projections, this is what we are seeing: