US Crude Storage Outlook - Draw But With A Caveat

For the week ending March 22, we have a crude draw of 1.38 million bbls. This includes the SPR build of 700k bbls.

Last week's EIA report had ~8 million bbls of unexplained adjustment. We expect this figure to reverse quickly. As a result, the caveat to our estimate is that we believe EIA will report a larger crude draw. We think EIA will report -5 to -6 million bbls.

Looking at our US crude storage forecast for the next 4 reports, this is what we are seeing: