US Crude Storage Outlook - Small Draw

For the week ending April 26, we have a crude draw of -1.04 million bbls. This includes the SPR build of ~600k bbls.

Relative to the 5-year average build of 1.496 million bbls, this will be perceived bullishly. A lot of it will also depend on the gasoline and distillate draw.

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