US Crude Storage Outlook - Small Draw But On The Right Trend

For the week ending July 5, we have a crude draw of 2.79 million bbls. This will be bullish relative to the 5-year average draw of 0.508 million bbls.

For those of you who follow our crude estimates closely, we want to inform you that there are still ~10 million bbls of unaccounted for crude in EIA's crude storage balance.

As you can see in our modified adjustment, despite last week's crude draw being larger than our estimate, it is still close to zero. This means that EIA could show a larger crude draw than our estimate.