US Crude Storage Outlook - On The Road To 400

For the week ending July 19, we have a crude draw of 7.06 million bbls.

This will be another bullish crude draw report relative to the 5-year average (-3.031 million bbls).

An important note to all readers, because of the bullish surprise from EIA last week, we can't say for certain whether the bullishness was the result of a correction from EIA's previous errors or a new error they have made.

For example, if they incorrectly counted imports/exports last week, then there's the possibility that this week's report crude draw could be smaller than our estimate.

Nonetheless, looking at our latest US crude storage forecast, you can see the incoming trend we see: