US Crude Storage Outlook - Mega Draw

For the week ending June 28, we have a very large crude draw of 9.16 million bbls. This will be noticeably larger than the 5-year average draw of 2.3 million bbls.

As we've been saying in our weekly crude forecast updates, we are seeing quite a lot of volatility in crude exports week to week. As a result, this large crude draw is likely the result of a large backlog of ships that finally got loaded versus the previous week.

In addition, EIA still owes us roughly ~10 million bbls of unaccounted for crude. This will be returned in some form over the coming weeks. We wouldn't be surprised if EIA reports a larger draw.