For the week ending Jan 10, we have a small crude draw of 2.07 million bbls. This is bullish relative to the 5-year average build of 1.609 million bbls.
Looking at our data, US crude exports and imports remained low last week, while we expect US oil production to suffer from colder-than-normal temperatures. We saw Lower 48 gas production take a meaningful hit, so we expect the same on the US oil production side. Although we think the impact is closer to ~500k b/d, we are being cautious by only inputting -300k b/d.