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." (Update: methodology was wrong in some parts of this table; it has been updated and corrected at this post):
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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