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." (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.