Wednesday, June 14, 2017

At This Rate, 63 Weeks To Re-Balance -- June 14, 2017

US crude oil inventories dropped 1.7 million bbls to 511.5 million bbls.

Average drawdown over past seven weeks: 2.6 million bbls/week.

At this rate, to get to "historical" average of 350 million bbls / 21 days of supply, it will take 63 weeks to "re-balance."

Week
Date
Drawdown
Storage
Weeks to RB
Week 0
Apr 26, 2017

529
180
Week 1
May 3, 2017
0.9
528
178
Week 2
May 10, 2017
6
522
29
Week 3
May 17, 2017
1.8
520.2
95
Week 4
May 24, 2017
4.4
515.8
38
Week 5
May 31, 2017
6.4
509.9
41
Week 6
June 7, 2017
-3.3
513.2
60
Week 7
June 14, 2017
1.7
511.5
63


Reminder: the drawdown is a positive number (column 3). If there was a build, then that will show as a negative number. In week 6, there was an unexpected build of 3.3 million bbls of US crude oil inventories. 

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