US Crude Storage Outlook - On The Way To 400 Million Bbls

For the week ending June 14, we have a crude draw of 7.75 million bbls. Relative to the 5-year average draw of ~4 million bbls, this will be perceived bullishly.

In addition, readers need to remember that our modified adjustment remained elevated in the last 2 reports totalling a delta of ~9 million bbls. At some point, EIA's estimates will surprise versus our figures.

Here is our latest US crude storage forecast by early July: