Re-balancing:
|
Week
|
Date
|
Drawdown
|
Storage
|
Weeks to RB
|
|
Week 0
|
Apr 26, 2017
|
|
529.0
|
180
|
|
Week 1
|
May 3, 2017
|
0.9
|
528.0
|
198
|
|
Week 2
|
May 10, 2017
|
6
|
522.0
|
50
|
|
Week 3
|
May 17, 2017
|
1.8
|
520.2
|
59
|
|
Week 4
|
May 24, 2017
|
4.4
|
515.8
|
51
|
|
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
|
57
|
|
Week 8
|
June 21, 2017
|
2.5
|
509.0
|
62
|
|
Week 9
|
June 28, 2017
|
-0.2
|
509.2
|
71
|
|
Week 10
|
July 6, 2017
|
6.3
|
502.9
|
58
|
|
Week 11
|
July 12, 2017
|
7.6
|
495.3
|
47
|
|
Week 12
|
July 19, 2017
|
4.7
|
490.6
|
43
|
|
Week 13
|
July 26, 2017
|
7.2
|
483.4
|
38
|
|
Week 14
|
August 2, 2017
|
1.5
|
481.9
|
49
|
|
Week 15
|
August 9, 2017
|
6.5
|
475.4
|
35
|
|
Week 16
|
August 16, 2017
|
8.9
|
466.5
|
30
|
|
Week 17
|
August 23, 2017
|
3.3
|
463.2
|
29
|
|
Week 18
|
August 30, 2017
|
5.4
|
457.8
|
27
|
|
Week 19
|
September 7, 2017
|
-4.6
|
462.4
|
32
|
|
Week 20
|
September 13, 2017
|
-5.9
|
468.2
|
39
|
|
Week 21
|
September 20, 2017
|
-4.6
|
472.8
|
46
|
Crude oil inventories increased for the third week in a row which means that re-balancing will take longer, now extending out to 46 weeks, which, for all practical purposes, is another year.
That explains why OPEC is currently "mulling" extending deeper cuts to the end of 2018. No link but the story is out there.
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